Mining crypto

Another Crypto Firm Lays Off 15% of Its Staff Amid Bear Race

The continued bear market in cryptocurrency with reduced values ​​of Bitcoin and altcoins has made its way to companies and institutions in the sector. Another company in the cryptocurrency sector had to lay off a significant portion of its staff due to the sustained market downturn.

Compass Mining, one of the leading cryptocurrency mining companies, recently had to lay off 15% of its employees. In addition to the staff cuts, the company’s senior executives and staff also had to take significant pay cuts during the crypto winter.

The firm, which launched in early 2021, has yet to face a bear market. Since the beginning of its activities, it has sold more than half a billion dollars worth of mining equipment and supplies more than 30,000 mining machines to customers in the industry. Playing a pivotal role in the industry, the news of the staff layoffs highlights the difficulty the bear market is having on the industry as a whole.

Compass Mining announced the news within a week, explaining the difficult decision. The announcement came just a week after the resignations of Compass Mining CEO Whit Gibbs and Chief Financial Officer Jodie Fisher. As they searched for a new CEO and CFO, Chief Technology Officer Paul Gosker and Chief Mining Officer Thomas Heller took over the company’s operations. Gosker and Heller, currently operating as co-CEOs, wrote the announcement, which was circulated to staff, investors and the wider community.

Stay agile in a sluggish market

The two wrote:

While painful, these changes will allow Compass to remain nimble and well positioned in this evolving market, which has challenged many of our industry peers. Of all the decisions we have had to make as new CEOs, this will be by far the most difficult, and we take full responsibility for all the changes that have been and will be made under our leadership.

The announcement also highlighted how starting a business and the need to scale quickly to meet demand in the bull run has had a major impact on the current climate:

“Like many companies, we grew too fast. When we launched, we were amazed by the level of demand for our services and as a result, we tried to solve the operational, financial and technological bottlenecks that all growing businesses face by hiring more people. .