Compass Mining Cuts 15% of Staff, Lowers Executive Compensation

The bitcoin mining company said it's reassessing its priorities after growing too quickly.

AccessTimeIconJul 7, 2022 at 9:59 p.m. UTC
Updated Jul 8, 2022 at 2:11 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Compass Mining has let go of 15% of its employees, and has cut executive compensation to ride out the crypto downturn.

  • Compass also said it grew too quickly, and needed to readdress its strategy moving forward.
  • “Given recent market downturn and anticipated future market conditions, we had to take a hard look at our spend and recalibrate for the future of the business,” co-founders and interim CEOs Thomas Heller and Paul Gosker said in a statement Thursday.
  • The bitcoin (BTC) mining hosting company had just over 80 employees, according to its LinkedIn profile as of late Thursday.
  • In June, Compass’s CEO and chief financial officer resigned amid “setbacks and disappointments” at the company.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.