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Bitcoin miner Compass Mining cuts staff by 15%

Bitcoin miner Compass Mining cuts staff by 15%

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Answer Bitcoin miner Compass Mining cuts staff by 15%

Compass Mining announced yesterday that it will cut its headcount by 15% and cut executive compensation by up to 50%.

Thomas Heller and Paul Josker, founders of Compass, write:

Today we made the difficult decision to reduce the size of the Compass team by 15% and implement significant compensation and spending cuts across the rest of the business.

Added:

The changes will enable the miner to remain agile and in good standing.

Given the recent downturn in the market and the expected future market conditions, we had to take a closer look at [إنفاقنا] And reset it for the company’s future.

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According to the publication, Compass will provide financial and non-financial assistance to those affected by the workforce reduction process.

According to previous indications and data, Compass has suffered before this month from paying electricity bills.

Last June, Compass also announced the resignation of the company’s CEO, co-founder and chief financial officer.

Compass is the latest crypto company affected by the collapse in the prices of the recent cryptocurrencies, as companies operating in the crypto market suffered from a decline in their revenues, which prompted them to find quick solutions, whether by reducing the number of their employees or closing some of their branches and closing new recruitment operations, as an attempt To stay in the market and avoid bankruptcy and collapse.

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