Compass Mining has announced plans to partner with Compute North which will expand the company to a 75-megawatt data center. This update follows the recent staff reduction. A few weeks ago, Compass Mining announced that it had cut about 15% of its workforce, with top executives taking pay cuts to help the company weather the current market storm.
Compass Mining to roll out new miners in August
Compass Mining has been in the news for the past few weeks for not-so-good reasons after key figures at the company resigned. In addition, the company was evicted from one of its operations due to late payment of hosting and utility bills. In its most recent announcement, the company, through its spokesperson, noted that the plan is slated to go into effect in August and will continue over the coming months until its completion.
As part of the expansion, the company will ship more than 20,000 new ASIC miners to its own facility in Wolf Hollow. Some of these miners have advanced equipment which is used to generate new bitcoins. The company notes that the facility uses natural gas, which provides about 1 gigawatt. Compass Mining also mentioned that it had taken further steps to reduce the amount of carbon released, among other important aspects.
Mining stocks are on the rise despite difficulties
This new facility will replace other company facilities around the world. The company has several important deals out of Texas, but has run into a lot of trouble in recent weeks. Troubles include a heatwave, which is weighing heavily on the state’s power grid. Most bitcoin companies have provided assistance to government agencies in recent weeks.
While some are closing their shops, for now, others are drastically reducing the network load. This does not mean that the state blocks access to miners. This still opens them up to greater scrutiny and regulatory costs.
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Although the heatwave has severely slowed mining activity, mining stocks have skyrocketed in recent weeks. To support this point, the top three companies by market capitalization are now in the green. Marathon Holdings led the rankings with a 99 percent increase in its stake.