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Evening Standard
Evening Standard
Business
Simon Hunt

Bitcoin miner Compass slashes exec pay and fires 15% of staff

Compass Bitcoin Mining Crypto United States

Almost £250 billion has been wiped off the value of crypto assets worldwide in the past month.

(Picture: REUTERS)

US bitcoin mining business Compass Mining fired 15% of its workforce and slashed executive pay as crypto firms tighten their belts to keep afloat amid plummeting bitcoin prices.

The company said senior management could expect a pay cut of as much as 50% as part of cost-cutting measures implemented because the firm “grew too quickly” and “failed to deliver.”

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