Bitcoin mining company considers business strategy after overexpansion.

1 mins

The bitcoin mining operation is currently considering its business strategy because of overexpansion.

  • Compass Mining has laid off 15% of its employees and reduced executive salaries to deal with the crypto downturn.
  • Compass, which said it grew too fast, plans to revise its strategy in the future.
  • In a statement released on Thursday, cofounders and interim CEOs Thomas Heller and Paul Gosker said that given recent market downturn and anticipated future market conditions, they had to recalibrate their spending to meet the future needs of the business.
  • As of late Thursday, LinkedIn listed the bitcoin mining company's staff at just over 80 employees.
  • In June, Compass’ CEO and CFO resigned due to "setbacks and disappointments" at the company.
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