Quick Mining Update

Crypto mining firms are seeing problems beyond the bear market

Compass Mining recently had disputes with the owners of one of their mining facilities, Dynamics Mining. On June 27, Dynamics Mining tweeted that they were terminating the hosting agreement due to non-payments from Compass.
The following day, Compass Mining announced that the Board of Directors has accepted the resignations of their Chief Executive Officer and the Chief Financial Officer. They temporarily appointed their Chief Technology Officer and Chief Mining Officer as co-Presidents and CEOs while the board searches for permanent candidates.
On the 29th, Compass Mining officially denied the allegations made by Dynamics and claims to have “performed all of its obligations under its contracts with Dynamics, including its financial obligations.” They have also filed a lawsuit with a request for expedited relief to protect its interests and the interest of its customers.

Marathon Digital Holdings is another leading crypto mining company that is going through unforeseen difficulties. A significant portion of Marathon’s operations have been without power since a severe storm damaged structures in the power facility that supplies Marathons power. The storm passed through the town of Hardin, Montana and resulted in power loss of all 30,000 miners in the area. This reportedly makes up for 75% of Marathons entire active miners. The issue is expected to merely be partially resolved by the first week of July.
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Bitcoin mining difficulty is still steadily increasing despite earnings heavily dropping due to other factors. Ethereum mining difficulty however has been dropping since the end of May.