$1.5M Awarded to Compass Mining in Lawsuit Against Dynamics Mining

  • It was claimed that Dynamics Mining had taken the company’s equipment “hostage.”
  • On Thursday, the court sided with Compass and imposed a default judgement.

Compass Mining, a hardware manufacturer for Bitcoin mining, reported that it had won a roughly $1.5 million verdict in court this week against hosting provider Dynamics Mining.

In June, Dynamics of Kentucky said that Compass had terminated its hosting relationship because it had failed to pay electricity and hosting obligations associated with a facility in Maine. Compass not only offers Bitcoin mining gear to its clients but also hosting for the resource-intensive machines at its linked data centers.

$1.47M Plus Interest and Fees Awarded

A complaint was filed by Compass, saying that Dynamics’ claims were “completely incorrect, lack any factual support, and create further damage to Compass.” In addition, it was claimed that Dynamics Mining had taken the company’s equipment “hostage.”

Upon hearing the news of the Thursday ruling, a Compass spokesperson told that the “situation with Dynamics Mining is currently not uncommon.”

On Thursday, the court sided with Compass and imposed a default judgement in the amount of $1.47M against Dynamics, plus interest and fees. It is not apparent, according to a statement released by Compass, whether or not the company will be able to collect the judgement against Dynamics.

Compass Mining co-CEO Thomas Heller stated in a statement:

“Dynamics Mining violated the rights of both Compass Mining and our clients, and we’re thankful the U.S. legal system has produced a just result.”

The Dynamics representative continued by saying that Compass was “preemptively” disclosing the court verdict in an effort to repair its awful corporate image. After the Dynamics disagreement became public knowledge in June, Compass lost both its CEO and co-founder, Whitney “Whit” Gibbs, and its CFO, Jodie Fisher.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.