Key Takeaways
- Compass Mining energizes 3,000 new bitcoin miners in Iowa, increasing its total managed hashrate to 5 EH/s.
- The company’s new Iowa facility allows customers to choose it as a deployment location, enhancing operational flexibility.
- Compass Mining has rebounded from previous management challenges and layoffs, focusing on improving operational efficiency and uptime.
Compass Mining Energizes 3,000 Bitcoin Miners
Compass Mining has successfully energized 3,000 bitcoin miners in Iowa through a hosting partner, increasing its total managed hashrate to 5 EH/s.
This new deployment contributes to a total of 30 MW of mining capacity year-to-date across Iowa, Indiana, Ohio, Nebraska, and Texas.
In September, an additional 1,000 mining machines are set to be deployed at the Iowa site, adding another 12.5 megawatts of power capacity.
Approximately 1,600 unique customers have their machines operational at the Iowa facility, a testament to the company’s expanding operations.
Customers now have the option to select 'Iowa 3' as their preferred deployment location when purchasing new mining machines from Compass.
Recent Industry Context and Company Growth
The energization of new miners aligns with a recent increase in the overall network hashrate, which set a new record of 700 EH/s on Monday.
Compass Mining was established in 2020, rapidly growing during the 2021 bull market by managing hosting capacities for customers purchasing bitcoin miners.
Management Changes and Operational Updates
Compass Mining faced significant setbacks in July 2022 due to management issues and communication failures, resulting in a management reshuffle.
The former CEO and CFO stepped down, and the company laid off 15% of its workforce to refocus on its core business.
Since the restructuring, Compass Mining has been regularly updating its operational uptime across hosting facilities, reporting an average uptime of 90% as of September 2.
The company currently manages approximately 96 MW of capacity for its miner customers, highlighting its renewed focus on operational efficiency.
