After reportedly failing to pay its electric payment, Compass Mining loses a facility

Depricated as of Oct 2022

Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!

Have a great day,

After reportedly failing to pay its electric payment, Compass Mining loses a facility

After reportedly failing to pay its electric payment, Compass Mining loses a facility
Source: CoinTelegraph
1656411689 28 Jun / 10:21

Compass Mining, a provider of Bitcoin (BTC) mining gear and hosting, has lost one of its Maine-based hosting facilities after the owner of the facility, Dynamics Mining, canceled the hosting agreement between the two parties, alleging that Compass had failed to pay its costs.

The hosting agreement between Dynamics and Compass Mining was canceled as of June 14, according to a letter Dynamics tweeted late Sunday night. Dynamics asserts that Compass has made six late payments and three non-payments for utility bills and hosting costs.

A few hours later, Dynamics claimed in a follow-up tweet that the power usage bills reached $1.2 million on Monday, but Compass had only paid $665,000. It stated that Compass provided the necessary funds to pay the bills, but Dynamics claimed the funds were utilized to construct other facilities.

Cointelegraph reached out to Dynamics Mining and Compass Mining for comment, but neither responded by publishing.

The highly public nature of the matter prompted Compass Mining CEO Whit Gibbs to declare that the company will “fight this battle in court, not on Twitter.”

However, the user behind the Dynamics account responded to Gibbs by stating that Compass only needed to pay $250,000 for three months of electricity consumption and that “Twitter is the voice of your consumer base, not the courtroom.”

Compass Mining supplies Application Specific Integrated Circuit (ASIC) miners, and specialized hardware for mining cryptocurrencies, with the option to be hosted at its facilities in the United States and Canada. The unknown is the fate of mining customers stationed at the plant.

According to its hosting agreement, Compass may “rearrange, remove, or transfer Customer Hardware without responsibility to Compass” in the case of an emergency.

In addition, the agreements state that consumers “waive their rights to seek remedies in court” or participate in Class Action lawsuits. Each customer must initiate any processes if they sue Compass.

Numerous cryptocurrency miners face a complex market climate due to Bitcoin’s continued price decline and rising energy expenses.

When Bitcoin went below $24,000 in mid-June, the profitability of many older ASIC miners plummeted into the negative zone. Even some of the newest generation mining rigs are nearing or have already reached their shutdown criteria on the commodity’s price.

On June 15, the number of BTC supplied by miners to cryptocurrency exchanges reached a seven-month high, coinciding with a decline in Bitcoin mining profitability of nearly 75% from its market peak. Several publicly traded Bitcoin mining companies sold all of their Bitcoin production in May.

Last News and Media
CRYPKYP contain links to third-party websites, resources, and advertisers. CRYPKYP does not control, sponsor, recommend or otherwise accept responsibility for any third-party content because we are not responsible for the availability of these outside resources or their contents or privacy practices. It will help if you direct any concerns regarding any third-party content to such a third party. We don't accept responsibility for the content of external websites linked to through the Site or the Services. Third-party content is accessed at the user's own risk. CRYPKYP distributes content from third-party publishers as indicated on the site from time to time mainly in Airdrops, News / Media, Whale Alerts, and Rumors. In these circumstances, CRYPKYP only provides limited stylistic input to the content. CRYPKYP does not verify and takes no responsibility for the accuracy of the content provided by any such third-party publishers.