Today, Compass Mining has officially denied that the firm owns no unpaid utility bills to Dynamics Mining at facilities in Maine. Compass Mining is a Bitcoin mining firm.
For the uninitiated, on Sunday, Dynamics took to Twitter to reveal that only two separate payments of $415,000 and $250,000 were made out of $1.2 million in agreed initial power deposits.
In addition, Dynamics also alleged Compass of using the funds that it claimed were spent on paying the bills were actually utilized for expanding facilities.
On the other hand, Compass Mining published a blog spot in which it said that it mentioned that it is aware that Dynamic has discussed their legal dispute at various instances on Twitter, further adding that the Dynamics’ social media comments are factually incorrect and have no support.
Moreover, Compass said that it has carried out all its obligations(including financial obligations) under its contracts with Dynamics. Compass says that it looks like Dynamics have some misunderstanding regarding the contract, in relation to its facilities and its obligations.
Dynamic claimed in another tweet that three nonpayments and six payments at the Lewiston and Oxford facilities. According to the blog post, Dynamics is responsible for just 1% of the overall capacity of Compass Mining.
Dynamics in the same tweet said that it terminated its contract with Compass effective on June 14.
Compass in its blog post further mentions that the company has tried to resolve the matter privately and will continue to make the necessary efforts. It then goes on to mention that the proper forum to resolve any dispute is the lawsuit filed by it. It then goes on to mention that the lawsuit filed also included its request for expedited relief to safeguard its and its customer’s interests. Compass is confident that the court will vindicate its position, adding that they look forward to having a positive resolution for its customers.
It’s tough to tell which party is correct at this point, it’s better to wait for the court’s decision.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.