Compass Mining to add 25,000 ASIC miners just weeks after staff cuts

Mere weeks after saying staff lay-offs and wage cuts, Compass Mining has unveiled growth plans within the type of a 75 megawatt (MW) internet hosting partnership with Compute North for its information heart in Granbury, Texas.

The announcement on July 21 comes solely a two weeks after the corporate retrenched 15% of its workers and applied wage cuts for its prime executives as a method to climate tough market circumstances.

It additionally follows the resignation of key executives together with CEO Whit Gibbs and chief finance officer Jodie Fisher in late June, in addition to dropping one in every of its Maine-based internet hosting amenities after allegedly lacking funds relating to utility payments and internet hosting charges.

Compass stated the latest large-scale deployment will start in August and proceed for a number of months.

The growth consists of plans to deploy 25,000 software particular built-in circuit (ASIC) miners to the present Wolf Hollow plant web site in Granbury, together with a wide range of subsequent technology Bitcoin miners.

According to Compass, the power is cutting-edge and powered by a 1.1 gigawatt (GW) mixed cycle pure fuel fueled plant, which makes use of superior fuel turbine designs and air cooling to lower carbon emissions and water dependence.

The information heart additionally has a completely curtailable load and might shut down at a second’s discover ought to the draw on the grid exceed capability.

This provides to current Compass amenities throughout the U.S, Canada and Iceland, with main operations in Texas, Ontario, New Mexico and Florida.

Crypto miners in Texas nevertheless have had a tough month because of a record-breaking heatwave within the state, which has brought on a pressure on the vitality grid.

Major Bitcoin miners have been working with the Electric Reliability Council of Texas (ERCOT) by quickly shutting down or severely lowering their operations within the state to scale back the toll on the grid.

Crypto mining corporations are nonetheless coming to Texas in droves although, attracted by much less regulatory oversight and decrease vitality prices.

Mining shares hit one-month excessive

Despite the current heatwave impacting native mining operations, publicly listed mining shares seem to be performing nicely, in accordance to NASDAQ information.

Three of the largest miners by market cap are all within the inexperienced as of July 22.

Related: Bitcoin mining shares rebound sharply regardless of a 70% drop in BTC miners’ income

Marathon Digital Holdings Inc has seen a 99.85% enhance in its inventory worth over the previous month, whereas Riot Blockchain Inc is up 65.65% and Canaan Inc is up 42.27% over the previous month.

It comes as the value of Bitcoin (BTC) has additionally reached a one-month excessive, reaching $22,938 on the time of writing.