Daily Flash | Compass Mining CEO and CFO Resigned as Mining Profitability Drops to 75% from June ATH

Today's Headline - Compass Mining CEO and CFO Resigned as Operations are in Hotwater

Compass Mining operates bitcoin mines around the world and sells hashrate to its retail customers. The firm earlier this year lost about $30 million worth of equipment after the Biden administration imposed sanctions on Russian miner BitRiver.

CEO Whit Gibbs and CFO Jodie Fisher have resigned. The board immediately appointed CTO Paul Gosker and Chief Mining Officer Thomas Heller as interim co-presidents and CEOs while the firm searches for permanent replacements.

On Monday, Dynamics alleged the power consumption bills totaled $1.2 million, and Compass had only paid around $665,000. It said Compass claims to have given the money required for the bills, but Dynamics alleged it was used to build other facilities instead.

The company said in an emailed statement,

“Through this restructuring, the company is wholly focused on regaining the goodwill of the company’s stakeholders and the community, as well as delivering on the company’s mission of providing best-in-class service for miners of all sizes.”

In mid-June, bitcoin mining profitability plunged over 75% from the top, and the volume of BTC sent by miners to crypto exchanges reached a seven-month high. Several public bitcoin mining firms sold 100% of their bitcoin production in May, according to reports.

Chart of the Day - 1.43M BTC Changed Hands Between $17.8k and $21.3k: Glassnode report

Influencer of the Day - SEC’s Gensler Reiterates bitcoin Alone Is a Commodity. Is He Right?

U.S. SEC Chairman Gary Gensler has reiterated that bitcoin (BTC) is a commodity.

Gensler’s comments have injected some confusion into the markets, as is the case when any institution seems to backtrack on previously established guidance. But some bitcoiners view it as confirmation that bitcoin truly stands distinct from “crypto.”

Buzzes of Yesterday - #Grayscale says 99% of SEC comment letters support BTC spot ETF, #Harmony hackers laundered funds via Tornado Cash

Russian Duma passes bill to remove VAT, lower income tax rates on digital asset sales

New York Community Bank to Hold Assets Backing Circle's USDC

Crypto Exchanges Suffer in India, But The RBI Doesn’t Give Up On The Blockchain

Grayscale reports 99% of SEC comment letters support spot bitcoin ETF

Harmony Hackers Begin Laundering Stolen Horizon Bridge Funds Via Tornado Cash

Voyager Digital Issues Notice of Default to Three Arrows Capital

Hacktivist group Anonymous sets sights on Do Kwon after LUNA meltdown

A16z Leads $6M Seed Funding Round in Blockchain Linera

Azuro Raises $4 Million To Build A Decentralized Sports Betting Ecosystem

Author: Gate.io Researcher Peter L.
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