Chase Closes Bank Accounts of Compass Mining

Chase, the US-based financial services giant, has reportedly closed the bank accounts of Compass Mining. According to a recent tweet by Whit Gibbs, Founder and CEO of Compass Mining, Chase recently closed bank accounts of the crypto mining firm.

“Shoutout to Chase for shutting down compass mining accounts for doing our part to replace the old guard with self-sovereign, future-focused supporters of hard money. Get behind Bitcoin or get out of our way,” Gibbs mentioned on Twitter.

Gibbs also highlighted that the company is in talks with the Silicon Valley Bank (SVB). Additionally, he assured the company’s clients that there is nothing to worry about the latest development.

“Fortunately, the company doesn't entrust its finances solely in one institution, so business operations move on as usual,” the CEO of Compass Mining explained.

Earlier this month, HBSC, one of the largest banks in the UK, blocked the UK-based customers from using bank-issued credit cards in making Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term on the crypto exchange, Binance. In July 2021, several British banks including Barclays and NatWest blocked payments to the digital exchange.

Crypto Mining

The global crypto mining industry is currently going through a major shift after China’s mining crackdown in the region. Bitcoin mining Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term touched a peak of 180 EH/s in May 2021, but it dropped by approximately 50% in June and July due to uncertainties regarding the future of Chinese crypto miners. The global crypto mining industry has shown some signs of recovery in the last few weeks. BTC mining hash rate reached a high of 112.5 EH/s in August, compared to the low of 90 EH/s in July 2021. Furthermore, operational BTC miners saw a substantial jump in profitability in the last few weeks.

The crypto community reacted strongly to the latest news about the blockage of banks accounts of Compass Mining and termed the recent step as a major hurdle for the adoption of digital currencies in the region.