The Rise and Fall of the Bitcoin Mining Sensation | Pro IQRA News

Pro IQRA News Updates.

It was 8:45 a.m. on June 13 when Bill Stewart, CEO of Maine-based bitcoin mining business Dynamics Mining, received a call from one of his employees. “He’s like, ‘Every machine inside our facility in Brunswick [​​in Cumberland County, Maine] is taken,” says Stewart. “This is crazy. I couldn’t believe it.”

He alerted officials at another mining facility in nearby Lewiston. [in Androscoggin County, Maine], and told them to “stay on your toes.” He thought that a thief had been caught. Stewart had a theory about who might have taken the machines: At the time, he was in a dispute with a customer, Compass Mining—a Delaware company that allowed people to buy mining machines and sell them to a third party like Stewart. Allowed to host in facilities. Controversy over energy bills. Stewart thought Compass would have to pay for them. Compass believes their contract says otherwise.

A few days earlier, Dynamics had sent Compass a termination letter demanding payment, and shortly thereafter shut down the company’s machines. Afterward, Compass Mining crews had hauled their equipment away from Brunswick, and were about to enter the Lewiston plant to retrieve more machines. “They’re trying to get inside the building,” says Stewart. “And I’m telling my brother, who runs our security, ‘Don’t let them into the building. We’re not taking the miners out of the wall. Don’t let them in.'”

In a lawsuit filed against Dynamics in Delaware Court of Chancery on June 21, Compass Mining alleged that Stewart’s refusal to pay the energy bill had “held this valuable asset hostage to leverage in negotiations.” It was made.” The way Stewart tells it, he just wanted the removal to be done quickly and in an orderly fashion under cover of darkness. What’s more, he says, for a while he considered continuing to host the machines on behalf of Compass customers, cutting out the middleman. “They had customers reaching out saying, ‘Hey, can we do my work directly with you?'” says Stewart. Stewart says the reason it didn’t happen is because Compass didn’t give its customers identifying serial numbers for the machines they bought, and Stewart had no way of knowing who owned them.

On July 5, the court granted Compass’ request to get its machines back, but stressed that this should be after a formal request to unmount and relocate the machines. Stewart says that during the takedown, the Compass team also took hold of one of Dynamics’ own servers—which one of Compass’ lawyers confirmed in an email to Stewart. How the server was “inadvertently scoped” and asked how to get back. This.

“Our team is laser-focused on serving our clients, and will do so in accordance with the agreements we have with our service providers, and by resolving disputes arising from fundamental misunderstandings of those agreements in court,” Compass interim co-CEO Thomas Heller said in an email interview.