Compass Mining has officially activated 3,000 Bitcoin mining machines at its new hosting facility in Iowa, with plans to deploy an additional 1,000 machines by the end of September. This expansion will increase the facility’s capacity by 12.5 megawatts (MW).
Compass Mining Expands Facility in Iowa
The Bitcoin mining operator Compass Mining announced that it has energized 3,000 machines at its latest site and will add 1,000 more machines within the month.
This expansion is part of a broader strategy to scale up operations, aiming to manage approximately 30 MW of power across several locations in the U.S. by the end of 2024, including Indiana, Ohio, Nebraska, and Texas.
Paul Gosker, CEO of Compass Mining, commented:
“By offering our clients more location options, we empower them to make informed decisions based on factors such as risk mitigation and energy market dynamics. We are excited to deploy additional machines at reliable sites to help our clients achieve their hashrate goals.”
The latest expansion aligns with Compass Mining’s ongoing growth plans, as the company aims to add 30 MW of capacity by the end of the year.
The Iowa facility currently supports 1,600 clients, who now have the option to choose “Iowa 3” as their machine deployment site. This move underscores the company’s goal of increasing its presence in various regions and markets.
This announcement comes at a time when Bitcoin miners are experiencing reduced revenues compared to earlier in the year.
Despite a lower hashprice—measuring daily production per petahash per second (PH/s)—the network’s hashrate has reached new highs, nearing 700 exahashes per second (EH/s). As of 9:20 a.m. EDT on September 9, 2024, the hashrate stands at 695.34 EH/s.