Compass Mining announced plans to expand in the form of a 75-megawatt (MW) hosting partnership with Compute North, a data center in Granbury, Texas, just weeks after announcing staff dismissals and salary cuts.
The announcement on Thursday comes just two weeks after the company has fired 15% of its employees and implemented executive salary cuts as a way to survive the harsh market environment.
Also, in late June, key executives, including CEO Whit Gibbs and Chief Financial Officer Jodie Fisher, resigned and one of Maine’s hosting facilities allegedly missed payments related to utility and hosting fees. I have lost it.
According to the compass, the latest large-scale deployment will begin in August and will last for several months.
The expansion includes plans to deploy 25,000 application-specific integrated circuit (ASIC) miners to Granbury’s existing WolfHollow plant site, including a variety of next generations. Bitcoin miner..
According to the compass, the facility is state-of-the-art, powered by a 1.1 gigawatt (GW) combined cycle natural gas fuel plant and uses advanced gas turbine design and air cooling to reduce carbon emissions and water dependence. doing.
The data center also has a completely reducible load that can be shut down immediately if the grid draws exceed capacity.
This will add existing Compass facilities in the United States, Canada and Iceland, with major operations in Texas, Ontario, New Mexico and Florida.
But Texas crypto miners had a difficult month as a result of: Record-breaking heat wave With a burden on the energy grid.
Major Bitcoin miners are working with the Texas Electric Reliability Council (ERCOT) to temporarily suspend or significantly reduce operations in the state to reduce grid tolls.
Cryptocurrency mining companies are still coming Texas crowd However, I am attracted to the low regulatory oversight and low energy costs.
Mining stocks hit highs for the first time in a month
According to NASDAQ data, listed mining stocks appear to be doing well, despite the recent heat wave impacting local mining operations.
The three largest miners by market capitalization are all green as of Friday.
Marathon Digital Holdings Inc’s share price rose 99.85% last month, Riot Blockchain Inc rose 65.65% and Canaan Inc rose 42.27% last month.
It comes as the price of Bitcoin (BTC) Also reached a monthly high, reaching $ 22,938 at the time of writing.