Bitcoin mining firm Compass lays off 15% of its staff

Bitcoin mining firm Compass has announced that it is laying off 15% of its employees along with a significant compensation and spending reduction across the rest of its employees and operations.

As per the recent announcement by Compass co-CEOs, Thomas Heller and Paul Gosker, the company has made the “difficult decision” for it to stay “agile and well-positioned” in the ongoing crypto winter. The two CEOs believe that this is the hardest decision they’ve made and added:

“We take full responsibility for all of the changes that have been, and will be made, under our leadership.”

Founded with a simple idea to help everyone to mine Bitcoin, Compass has come a long way. According to the company, it has sold over $500 million of mining equipment with over 30,000 machines operating for thousands of customers. 

However, in the recent market downturn, the company has to take “a hard look at [its] spending and recalibrate for the future of the business.”

The company is letting go of 15% of its team and reduced compensation for executives. The senior employees and executive Compass team have taken major pay cuts of up to 50% as part of this step.

Compass to re-evaluate its marketing approach

Moreover, Compass will also re-evaluate its marketing approach to reduce its spending. It will “spend more time with diligence content providers and partner with those with high integrity.”

The co-CEOs concluded the report by stating:

“We will do all we can to support you in this transition, and we recognize even that is not enough.”

Compass is not the only firm that has taken such a step. Before this, several crypto companies have been hit by the ongoing market situation, and a few like Ignite have laid off as much as 50% of their employees. Even the biggest crypto exchange in the United States, Coinbase, had recently fired 18% of its global workforce.