Cryptocurrency mining firm Compass Mining has become the latest to lay off employees as the company’s co-founders Thomas Heller and Paul Gosker said they decided to lay off 15% of the team and reduce compensation for executives.
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According to a blog post, the Delaware-based company failed to deliver the level of trust and service that made it “successful in the first place.”
“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.”
Heller and Gosker said that senior employees and executive team have also taken significant pay cuts of up to 50% as part of the business optimization.
As iHodl earlier reported, other mining companies also had to downsize their businesses by selling crypto reserves. For instance, Argo Blockchain said in its June operational update it had sold 637 BTC (EXANTE: Bitcoin) at an average price of around $24,500.
In the same month, Argo managed to mine only 179 BTC. The company reassured though that the move was “in line” with its risk management strategy that has been in place since January 2022.
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