In the US, Dynamics Mining terminated the agreement with Compass Mining due to debts
The termination of the contract for the supply of mining equipment concerns facilities in the US in the state of Maine. The reason for the termination of the agreements was the debts of Compass Mining.
Overall, the supplier has three debts for utilities and did not pay its bills six times in total. A statement about this was made on June 27, but the contract was terminated earlier on June 14.
In all, Compass Mining consumed $1.2 million worth of electricity, but the debtor paid only $415,000, and $250,000 was deposited.
According to the company, the money was paid, but in fact, it was used for the construction of facilities.Dynamics Mining noted.
Under the company’s Twitter post, there were already those who wanted to use the capacities that became available after the termination of the contract with Compass Mining. Representatives of Dynamics Mining said they have a capacity of 12 MW.
It is worth noting that the Compass Mining contract states that the company has the right to relocate facilities, but the conditions must be comparable. Also, the obligations include notification 10 days before the relocation. After that, the user is given 5 days to think and decide about relocation. In the event of the contract’s termination, the company must notify the user 30 days in advance.
Compass is a provider that hosts clients’ bitcoin miners and equipment at facilities in Canada and the United States of America.
Earlier Compass Mining intended to sell its equipment in Siberia due to the sanctions imposed on Russia.
