Bitcoin Mining Firm Fires 15% Workers, Cuts Exco Salaries by 50%
- 15% of the workforce of Compass Mining will be leaving the company.
- Senior employees and executives will now earn 50% less than their current salaries.
- The CEOs of the company confessed that they grew too quickly and took premature steps.
Compass Mining, a Bitcoin mining company, has joined the league of crypto companies laying off workers due to “extreme market conditions.”
Thomas Heller and Paul Gosker, the co-founders and interim CEOs of Compass Mining, announced the development in a press release on June 7, 2022.
In detail, Heller and Gosker said the company would be sacking 15% of its workforce and “implement significant compensation and spend reductions” across the rest of the business. According to the report, the significant pay cut for the senior employees and executive team is 50% of their current earnings.
The CEOs said they found no alternative to avoid taking this step. However, it will allow Compass to stay relavant in the evolving market, unlike many of their competitors.
Additionally, Compass Mining’s CEOs confessed that the company grew too rapidly. This caused them to take many premature steps that sabotaged their buoyancy.
We failed to deliver the level of trust and service that made us successful in the first place. Given the recent market downturn and anticipated future market conditions, we had to take a hard look at our spending and recalibrate for the future of the business.
Compass Mining started in January 2021, with the idea to simply mine Bitcoin. They have sold over half a billion dollars of mining equipment, with over 30,000 machines operating on behalf of thousands of customers.
Nevertheless, Compass Mining apologized to its departing employees and thanked them for their meritorious service. As they move onto the next phase of their careers, they will provide the necessary support.
