Just weeks after announcing staff layoffs and pay cuts, Compass Mining unveiled expansion plans in the form of a 75-megawatt (MW) hosting partnership with Compute North for its data center in Granbury, Texas.
The July 21 announcement comes just two weeks after the company laid off 15% of its employees and implemented pay cuts for its top executives to deal with tough market conditions.
It also follows the resignation of key executives, including CEO Whit Gibbs and CFO Jodie Fisher at the end of June, as well as the loss of one of its Maine-based lodging facilities after it allegedly ran out of payments. utility bills and accommodation costs.
Compass said the final full-scale rollout will begin in August and continue for several months.
The expansion includes plans to deploy 25,000 application-specific integrated circuit (ASIC) miners at the existing Wolf Hollow factory site in Granbury, including a variety of next-generation Bitcoin miners.
According to Compass, the facility is state-of-the-art and powered by a 1.1 gigawatt (GW) combined-cycle natural gas power plant, which uses advanced air-cooled and gas turbine designs to reduce carbon emissions. and dependence on water.
The data center also has a fully deductible load and can be shut down at any time if network consumption exceeds capacity.
This is in addition to Compass’ existing facilities in the United States, Canada and Iceland, with significant operations in Texas, Ontario, New Mexico and Florida.
However, crypto miners in Texas had a rough month due to a record heat wave in the state, which put a strain on the power grid.
Major bitcoin miners have worked with the Electric Reliability Council of Texas (ERCOT) by temporarily closing or drastically reducing their operations in the state to reduce tolls on the network.
Yet cryptocurrency mining companies continue to flock to Texas, lured by less regulatory oversight and lower energy costs.
Mining shares hit monthly highs
Despite the recent heat wave that hit local mining operations, publicly traded mining stocks appear to be doing well, according to NASDAQ data.
Three of the largest miners by market cap are all in the green as of July 22.
Marathon Digital Holdings Inc saw its share price rise 99.85% last month, while Riot Blockchain Inc rose 65.65% and Canaan Inc rose 42.27% last month.
This comes as the price of Bitcoin (BTC) also hit a one-month high, hitting $22,938 at the time of writing.