Bitcoin mining firms Compass and Dynamics spar over payments and 'hostage' hardware

Quick Take

  • Compass Mining has sued its hosting provider Dynamics Mining, seeking to regain access to mining equipment at a facility in main.
  • Meanwhile, Dynamics said that it terminated the contracts with Compass because of missed payments.

Bitcoin miner Compass and one of its hosting providers in Maine, Dynamics Mining, are involved in a growing spat that started over claims of missed payments.

Over the weekend, Dynamics came out on Twitter saying that it had terminated a hosting agreement with Compass on June 14 and accused the miner of missing three payments and being late on six others.

The company claimed that Compass Mining's power bills totaled $1.2 million, but that the miner had only paid $415,000 and $250,000 in initial power deposits.

On June 21, according to public records, Compass filed suit against Dynamics, seeking to regain access to mining hardware housed in Maine.

Then, in a statement on Wednesday, Compass addressed the allegations that had been circling around on social media since the weekend, saying that many of them were "completely incorrect."

"It appears that Dynamics misunderstood the contracts that it signed with respect to its facilities and its obligations thereunder. Compass has performed all of its obligations under its contracts with Dynamics, including