Bitcoin-first Compass Mining Accounts Shut Down By Banking Giant Chase
Via his Twitter account, co-founder and CEO of Compass Mining, a company that offers Bitcoin mining host services and hardware, Whit Gibbs reported that U.S. bank JP Morgan Chase closed their accounts. At the time of writing, the financial institution hasn’t provided a reason that justifies the decision. Following the incident with Chase bank, Gibbs […]
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Delaware-based Compass Mining offers U.S. citizens exposure to Bitcoin mining via its private infrastructure. American banking giant JPMorgan Chase has reportedly blocked all account activities of Compass Mining, a Bitcoin (BTC) mining company based out of Delaware. The information came to light when Compass Mining CEO Whit Gibbs announced:“Shoutout to Chase for shutting down Compass Mining accounts for doing our part to replace the old guard with self-sovereign, future-focused supporters of hard money. Get behind #Bitcoin or get out of our way.”Compass Mining has been involved in offering....
The U.S.-based company Compass Mining plans to sell $30 million worth of bitcoin mining equipment that’s currently located in Siberia. The decision to sell the mining rigs follows the U.S. government sanctioning the bitcoin mining operation Bitriver and ten subsidiaries. Compass is hoping to offload 12 megawatts of capacity, according to a company executive. Compass Hopes to Sell 12 MW of Bitcoin Mining Capacity in Russia to Pay Clients According to Compass Mining’s CEO Whit Gibbs, the firm is selling $30 million in mining equipment that is currently located in Siberia.....
Compass Mining partners with Red Jar Digital Infrastructure to pioneer Bitcoin mining in Ontario, Canada.
The facility owner Dynamics Mining publicly took to Twitter to share the letter terminating its hosting agreement with Compass Mining, saying it had unpaid bills. Bitcoin (BTC) mining hardware and hosting company Compass Mining has lost one of its Maine-based hosting facilities after the owner, Dynamics Mining, terminated the hosting agreement between the two, claiming Compass failed to pay the required bills.Dynamics posted on Twitter late on June 26 a letter it sent to Compass Mining which stated as of June 14th, the hosting contract between the two was terminated. Dynamics alleged....
Banks do not need to provide an explanation to shut down accounts owned by clients deemed "too risky," according to former CFTC commissioner Brian Quintenz. On Sunday, Hayden Adams, CEO and founder of the popular decentralized exchange, or DEX, Uniswap (UNI), claimed that his JP Morgan Chase bank accounts were shut down with no explanation. In addition, Adams stated that the incident was personal in nature as he knew "many individuals and companies who have been similarly targeted simply for working in the crypto industry." This week @jpmorgan @Chase closed my bank accounts with no notice....