What’s causing the shake-up at Compass?
Is there any serious trouble forecast?
short version: the ceo resigned/fired. they werent paying their electricity bills at one location, profits being down has shaken up nearly all crypto companies, and companies that were trying to expand to fast are getting hit the hardest. they will probably be fine in the long run. but its up to you if you want to take that risk of “maybe”.
Compass was stuck in a situation that “when it rains, it pours”. It started with the South Carolina disaster (I was among the plebs affected by it), then facility problems on multiple locations, the T17 debacle, then the Russian Sanction on BitRiver, and then the continuing of facility problems.
They never cached a break since last year, it was always problems, over problems, over problems. And I guess they did not wanted to constantly be giving bad news, but that just made it worse. And to be fair, most of the problems was outside of Compass control.
That being said this is the official news of what happened to their facility at DynamicsMining (The Maine facility)
And this is what happened in regards to Whit Gibbs resigning as Compass CEO.