• Compass Mining was awarded a $1.5 million judgement in court following a legal battle with hosting provider Dynamics Mining.
• Dynamics had terminated Compass’ hosting contract in June after discovering Compass had not paid associated fees with a facility in Maine.
• Compass co-CEO Thomas Heller expressed relief that the US legal system had recognized Dynamics Mining’s infringement of Compass and its clients’ rights.
Compass Mining, a bitcoin mining hardware company, celebrated a victory on Thursday when a judge awarded them a $1.5 million judgement in court following a legal battle with hosting provider Dynamics Mining. The dispute began in June, when Dynamics discovered that Compass had not paid the hosting and power fees associated with a facility in Maine. In response, Dynamics terminated Compass’ hosting contract, something that Compass claimed was “totally false, without any factual evidence, and generate further damage to Compass.” They also accused Dynamics of “hostage-taking” their equipment.
However, on Thursday, the court sided with Compass and issued a default judgement against Dynamics for slightly over $1.47 million, plus fees and post-judgment interest. Compass co-CEO Thomas Heller expressed relief that the US legal system had recognized Dynamics Mining’s infringement of Compass and its clients’ rights.
Compass also noted that the issue with Dynamics Mining is “not unusual” in the business today, and that they are committed to finding top-notch suppliers and expanding sustainably. Despite the legal victory, it remains to be seen if Compass will be able to obtain the judgement against Dynamics. Regardless, the company is looking forward to the future, having established a precedent that will protect their rights and interests going forward.