US bitcoin mining company Compass Mining has laid off 15% of its workers and lowered executive pay following the slide in bitcoin prices.
Senior managers will be forced to take pay cuts of up to 50% as part of cost-cutting measures.
"Given recent market downturn and anticipated future market conditions, we had to take a hard look at our spend and recalibrate for the future of the business," co-founders and interim chiefs Thomas Heller and Paul Gosker said in a statement.
As a result of "multiple setbacks and disappointments," the company's chief executive and chief financial officer resigned last week.
End-Thursday, there were just over 80 employees listed on LinkedIn for the bitcoin mining hosting company.
The announcement comes after Compass was accused of owing thousands of dollars in unpaid energy bills by crypto mining business Dynamics Mining.
Compass denied the allegations, saying in a statement, "Many of Dynamics’s statements on social media are completely incorrect, lack any factual support and create further damage to Compass."
Crypto companies are on the verge of collapse after bitcoin's price fell almost 40% in a matter of weeks, with the value of digital assets worldwide sinking by almost £250bn in the past month, according to CoinMarketCap data.
Cryptocurrency broker Voyager Digital (CSE:VYGR, OTCQX:VYGVF) filed for bankruptcy on Wednesday after suspending customer withdrawals and trading.
Sam Bankman-Fried's Alameda holds considerable sway in the company.
Singapore-based crypto hedge fund Three Arrows Capital also went into liquidation in June after defaulting on a US$675mln loan from Voyager.