Loading...

Compass Mining set to expand its mining activities

Compass Mining

Most read

Loading Most Ready posts..

TL;DR

  • Compass Mining set to expand mining services
  • The company will roll out new miners in August
  • Mining stocks are on the rise despite difficulties

Compass Mining has announced plans to enter into a partnership with Compute North which will see the company expand to a 75 megawatts data center. This update is coming off the back of a recent reduction of its workforce. Some weeks ago, Compass Mining announced that it had cut about 15% of its staff, with the top executives taking pay cuts to help the company overcome the current market storm.

Compass Mining to roll out new miners in August

Compass Mining has been in the news for not-so-good reasons over the last few weeks following the resignation of important figures at the firm. Aside from that, the company was also ejected from one of its operational bases based on a default in its hosting and utility bills. In its latest announcement, the company, through its spokesperson, noted that the plans are set to be executed starting from August and would continue in the months that followed till completion.

The expansion will see the company send more than 20,000 new ASIC miners into a plant it owns in Wolf Hollow. Some of these miners include high-grade equipment that will be used to produce new Bitcoins. The company noted that the plant uses natural gas, which provides about 1 gigawatt. Compass Mining also mentioned that it has advanced measures to help reduce the amount of carbon released, among other vital aspects.

Mining stocks are on the rise despite difficulties

This latest facility will assume the position of other company-owned facilities worldwide. The firm has some core activities coming out of Texas but has faced many difficulties in the last few weeks. Some of the difficulties include the heatwave, which has stressed the energy grid in the state. Most Bitcoin firms have been lending a helping hand to the authorities in charge of electricity in the state over the last few weeks.

While some are closing down their business, for the time being, others are drastically reducing the load on the grid. This doesn’t mean that the state is shutting down access to miners. It still opens them to better regulatory oversight and costs. Although the heatwave has seriously dampened mining activities, mining stocks have gone through the roof in the last few weeks. To buttress this point, the three largest companies by market cap are now in the green zone. Marathon Holdings leads the charge with a 99% rise in its stock.

Share link:

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

Stay on top of crypto news, get daily updates in your inbox

Related News

Cryptopolitan
Subscribe to CryptoPolitan