The mining hosting service becomes the latest crypto-driven firm to cut a significant amount of workforce to survive the crypto bear market.
Compas Mining, a US-based cryptocurrency mining organization founded in 2021, has recently announced that it would be laying off 15% of its employees, following the recent departure of CEO Whit Gibbs and CFO Jodie Fisher.
CMO Thomas Heller and CTO Paul Gosker will temporarily be taking over as the leaders of the company until permanent solutions are found.
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According to the official letter issued to employees on July 7th by the acting CEOs, the Bitcoin (BTC) mining hosting service took such a drastic measure in order to successfully weather the current crypto market downturn.
Gosker and Heller have both mentioned that Compass Mining, which currently has 78 employees, “grew too quickly,” citing the significant demand for their Bitcoin (BTC) mining services when they first launched. They added:
“Of all the decisions we have had to make as new CEOs, this will be far the hardest, and we take full responsibility for all of the changes that have been, and will be made, under our leadership.”
The downsizing will supposedly allow the company to continue operating in these tragic times, as well as to “stay agile and well-positioned in this evolving market.”
On top of that, the letter also read that the firm, operating over 30k mining machines, would be reducing its top executives and staff’s compensation by around 50%. The firm noted that employees which were affected by the layoff will receive “financial and non-financial assistance to help make this unexpected transition as seamless as possible.”
In fact, Compass Mining isn’t the only crypto-driven company that took a hit amid the crypto bear market. Earlier this year, Coinbase, Celsius, Gemini, Huobi Global, Banxa, Robinhood, Bybit, and Crypto.com also cut a significant portion of their workforce.
