Compass Mining Activates New Bitcoin Mining Operation in Texas
Compass Mining has successfully activated a bitcoin mining operation with a capacity of ten megawatts in Texas, achieved through collaboration with ONMINE. This venture signifies a significant step in Compass Mining’s strategy aimed at deeper vertical integration within the industry.
By taking charge of daily operational management, Compass has introduced a shared revenue structure and assumes risks associated with power pricing alongside the facility’s owner.
Operational Highlights
Having reached peak performance in July through a phased energization process, the company anticipates that the facility will transition to hosting enterprise clients by October.
“This initiative marks our shift from merely a hosting marketplace to a comprehensive mining infrastructure provider,”
stated Karoon Mackenchery, Director of Hosting Services at Compass Mining.
The operational model ensures that power contracts are effectively managed, and uptime guarantees are provided to institutional clients. Thanks to ONMINE, the site has been appropriately secured and is connected to the ERCOT electrical grid. Giga Energy facilitated a quicker setup by supplying air-cooled modular data centers, enabling Compass to deliver a competitive, end-to-end hosting option within the ERCOT market.
Broader Growth Strategy
This development in Texas is part of Compass’s broader growth strategy, which also includes expansions in regions like Iowa and West Texas. Recently announced, this initiative underscores the company’s commitment to establishing an expansive network of high-caliber facilities catering to both individual and institutional miners.
Currently, Compass Mining operates facilities across various states in the U.S., including Indiana, Ohio, Nebraska, and North Dakota, and is also present in Canadian provinces such as Manitoba and Ontario.
Texas: A Prime Location for Bitcoin Mining
Texas has emerged as a prime locale for bitcoin mining, benefiting from inexpensive and abundant energy sources, particularly from renewable energy and natural gas, along with favorable tax incentives, a deregulated power market, and a business-friendly regulatory environment.
