Amidst the ongoing crisis in the crypto markets, the popular Bitcoin mining firm Compass has decided to lay off 15% of its employees. The top executives and staff have taken significant pay cuts along with the layoff.
The firm announced its decision to reduce its workforce to combat “difficult market conditions”. Recently, the company’s CEO Whit Gibbs, and chief finance officer Jodie Fisher resigned from their positions.
As of now, Chief technology officer Paul Gosker and chief mining officer Thomas Heller have taken responsibility. They’re currently acting as interim co-presidents and CEOs. Moreover, they have written a letter to staff, investors, and the community about the company’s road ahead.
Although 15% of the company’s workforce will face a difficult layoff, the acting CEOs will also face the burnt. In fact, senior employees and the executive team will receive up to 50% fewer salaries than before.
Starting in January 2021 as a Bitcoin mining hosting service, Compass Mining has sold over $1/2 billion worth of mining equipment. In fact, the company operates more than 30,000 mining machines.
The message from Gosker and Heller talked about their efforts to meet the increasing demand at that time through hiring multiple people:
“When we launched, we were amazed by the level of demand for our services, and as a result, we tried to address the operational, financial, and technology bottlenecks faced by all growing companies by hiring more people.”
Although Compass is the first mining firm to announce job cuts, it is not the only casualty in the market right now. Firms such as Gemini, Coinbase, and Crypto.com are also reducing their staff members.