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Compass Mining activates 3,000 Bitcoin mining rigs at Iowa facility

Compass Mining activates 3,000 Bitcoin mining rigs at Iowa facility

GrafaGrafa2024/09/10 02:25
By:Mahathir Bayena

Compass Mining has energized 3,000 Bitcoin (CRYPTO:BTC) mining machines at its newly partnered hosting facility in Iowa.  

The company has also announced plans to install an additional 1,000 machines by the end of September, further boosting the facility’s capacity by 12.5 megawatts (MW).  

This development is part of Compass Mining’s broader strategy to expand its operations across the United States.  

By the end of 2024, the company aims to manage approximately 30 MW of power at various locations, including sites in Indiana, Ohio, Nebraska, and Texas.  

The expansion reflects the company’s commitment to scaling its infrastructure and supporting its clients' needs.  

Paul Gosker, CEO of Compass Mining, highlighted the importance of providing customers with diverse location options.  

“By offering more location choices, we are enabling our clients to make informed decisions based on factors like curtailment risks and power market dynamics. We’re excited to deploy additional machines at reliable sites to help our clients achieve their hashrate goals,” he stated.  

The Iowa facility now supports 1,600 clients, who have the option to deploy their machines at the new “Iowa 3” site.  

This move aligns with Compass Mining’s strategy to broaden its presence across different regions.  

This expansion comes amid a challenging period for Bitcoin miners, who are facing reduced revenue compared to earlier in the year.  

Despite a lower hashprice—measuring daily output per 1 petahash per second (PH/s)—the network’s hashrate has reached new highs, approaching 700 exahashes per second (EH/s), indicating ongoing industry growth and resilience.

At the time of writing, the Bitcoin (BTC) price was $56,888.11.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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