Compass Mining announces expansion plans weeks after lay-offs

Mining
Compass Mining announces expansion plans weeks after lay-offs
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Texas-based Bitcoin mining company Compass Mining has revealed expansion plans for one of its data centres through a hosting partnership with Compute North.

The 75 megawatt expansion comes two weeks after Compass Mining laid-off 15% of its staff and implemented salary cuts for its top executives in response to bearish market conditions.

It also follows the resignation of key executives including CEO Whit Gibbs and chief finance officer Jodie Fisher in late June, as well as losing one of its Maine-based hosting facilities after allegedly missing payments relating to utility bills and hosting fees.

Compass said the newest large-scale deployment will begin in August and continue for several months.

The expansion includes plans to deploy 25,000 application-specific integrated circuit (ASIC) miners to the existing Wolf Hollow plant site in Granbury, Texas including a variety of next-generation Bitcoin miners.

According to Compass, the facility is state of the art and powered by a 1.1 gigawatt combined cycle natural gas-fueled plant, which uses advanced gas turbine designs and air cooling to decrease carbon emissions and water dependence.

The data centre also has a fully curtailable load and can shut down at a moment’s notice should the draw on the grid exceed capacity.

This adds to existing Compass facilities across the United States, Canada and Iceland, with major operations in Texas, Ontario, New Mexico and Florida.

Publicly listed crypto mining companies have been performing well this month on the NASDAQ.

Three of the biggest miners by market cap are currently all in the green.

Marathon Digital Holdings has seen a 99% increase in its stock price over the past month, while Riot Blockchain is up 65% and Canaan is up 42% over the past month.

It comes as the price of Bitcoin has also reached a one-month high, reaching £20,000 at the time of writing.

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