Compass Mining is going to protect BTC miners

  • 10:54 Dec 02, 2022
Compass Mining is going to protect BTC miners

A brokerage company representative said they are preparing to launch a product that can help customers to secure their cryptocurrency mining hardware. In the first stage, miners from Texas, Oklahoma, Nebraska, and South Carolina will be able to use it. After that, other sites will be connected.

Right now, insurance for the mining industry is quite problematic because it is a new field, and insurance companies are having a hard time creating appropriate products. At this stage, insured events such as fire, theft, regulatory restrictions, and power failures are provided for.

Compass Mining does not have its own space to house the hardware but acts as an intermediary. Will Foxley, director of content and co-author of CoinDesk, notes:

The steps we've voiced are just one step in a plan to insure over $75 million. We developed this program in collaboration with brokers.

Compass has also been affected by the challenges facing the mining industry. CEO and co-founder Witt Gibbs will step down in June. The reason for this was "setbacks and frustrations," as well as significant delays in asics placement.

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