Investing.com – The fact that China has targeted Bitcoin miners is old hat, but that this business area is also getting obstacles in the way in the liberal US is new to that extent.
The present case is about compass mining. A US company that specializes in the production of mining rigs and hardware hosting solutions for Bitcoin mining.
Compass Mining CEO Whit Gibbs is visibly upset because JPMorgan (NYSE 🙂 has closed his business accounts.
In his tweet congratulates he JPMorgan to close the Compass Mining accounts. In his view, a reprisal because the institutions that defend the dominance of paper money have been declared war.
What is particularly explosive is that the renowned bank did not consider it necessary to authorize Compass Mining about this process to inform.
It is not yet known why JPMorgan took action to freeze the accounts.
Meanwhile, resistance is building up in the crypto community on Twitter, and it is speculated that thousands of customers will now churn.
Small bright spot – one new bank seems at least to be in prospect – the Silicon Valley Bank, which has already helped companies like Coinbase (NASDAQ 🙂 with their financial operations.
This may be a nuisance for Compass Mining, but the advertising effect associated with the media hype could actually have a positive effect on the company’s business.
The company advertises that mining is possible for everyone. There is no need to buy expensive equipment because you can rent mining rigs at one of the many locations.
The most important point when choosing a location are of course the electricity costs, which are quite different between Krasnoyarsk in Russia, Quebec in Canada and Washington in the USA.
One of Compass Mining’s best-known customers is none other than Twitter (NYSE 🙂 CEO and billionaire Jack Dorsey.
JPMorgan could find it uncomfortable if he hooks up on the case.
From Marco Oehrl
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