Compass Mining, a bitcoin miner, won its case against Dynamics Corp, a hosting company, in court. On Thursday, a Delaware court awarded a $1.47 million judgment against the company. In a statement, lawyers for Dynamics withdrew from the case for insolvency, leaving Compass to doubt whether it can recover the money.
Compass Mining Wins Case Against Dynamics
When Dynamics announced that it had terminated its hosting contract with Compass and accused the company of defaulting on payments in June, tensions between the two companies increased. This decision comes as mining conditions are getting tougher for miners due to high prices, low bitcoin prices and increasing mining difficulties.
Compass sued because Dynamics was seizing its assets and said the allegations were false. In addition, he said that although he provided about $1.7 million in the improvement and repair of three buildings, the housing company has not reached some of its projects. A court ruling in July granted Kompas access to these devices. Risk management of the mining industry
The restitution described in the default judgment request covers the excess amount that was not paid, as well as deposits and capital costs that Compass paid to build several sites. In addition, the judge ordered the admissions office to pay the costs of collection and contempt of court.
Thomas Heller, president and founder of Compass Mining, said in a statement that Dynamics Mining violated the rights of Compass Mining and customers, and the company is pleased that the US court system has reached the right conclusion. Across the United States and Canada, Mining Compass supports crowdsourced mining resources. About 1% of Compass Mining’s contract rights are managed by the company.
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