Bitcoin Miner Compass Denies Allegations of Unpaid Power Bills to Dynamics

Compass Mining today issued a formal denial that the Bitcoin mining company owes money to Dynamics Mining for unpaid utility bills at facilities in Maine.

Dynamics on Sunday posted on Twitter that of $1.2 million in agreed initial power deposits, only two separate payments of $415,000 and $250,000 had been made.

Dynamics also claimed that funds Compass said it had used to pay bills instead were spent expanding facilities.

“Compass Mining is certainly aware that Dynamics has been discussing its legal dispute with Compass via social media, including via multiple Twitter Spaces events,” the company said in a blog post, adding that social media comments from Dynamics were “completely incorrect” and lacked “any factual support.”

Compass also said it had “performed all of its obligations under its contracts with Dynamics, including its financial obligations,” and that apparently Dynamics “misunderstood the contracts that it signed with respect to its facilities and its obligations.”

Dynamics, which alleged in a separate tweet six late payments and three nonpayments at the Lewiston and Oxford facilities, is responsible for only 1% of Compass Mining’s overall capacity, according to the blog post today.

Effective June 14, according to that same tweet, Dynamics terminated its contract with Compass.

“To be clear, Compass has made, and will continue to make, reasonable attempts to resolve this matter privately,” the company wrote in its blog post. “Nevertheless, Compass firmly believes that the lawsuit it has filed—including its request for expedited relief to protect its interests and the interest of its customers—is the proper forum to resolve any disputes, and that the court will vindicate Compass’s position. We look forward to obtaining a positive resolution for our customers.”

Will Foxley, director of content at Compass, briefly joined a Twitter Spaces on Tuesday, and he was asked about the recent resignations of CEO and co-founder Whitney “Whit” Gibbs and CFO Jodie Fisher.

“It’s not our place to comment on that,” Foxley told the audience. “That was a decision by them, and that was their choice.”