Compass Mining Energizes 3,000 Bitcoin Mining Rigs at Iowa Facility

Compass Mining has powered up 3,000 bitcoin mining machines at its newly partnered hosting facility in Iowa. The company also plans to install 1,000 more machines in September.

Compass Mining Scales Iowa Facility

The bitcoin mining operator Compass Mining shared that it has energized 3,000 machines at the new site, with plans for an additional 1,000 by the end of this month. This expansion will boost the facility’s capacity by 12.5 megawatts (MW).

According to Compass Mining, this initiative is part of a larger strategy aimed at scaling up operations. By the end of 2024, the company intends to manage approximately 30 MW of power across several U.S. locations, including Indiana, Ohio, Nebraska, and Texas.

“By offering our customers more location options, we’re empowering them to make informed decisions based on factors like curtailment risks and power market dynamics. We’re excited to deploy additional machines at similar reliable sites to help our customers meet their hashrate goals,” Compass Mining’s CEO Paul Gosker said.

Compass Mining’s latest expansion aligns with its ongoing growth plans, as it aims to increase capacity by an additional 30 megawatts (MW) by year’s end. The Iowa facility currently supports 1,600 clients, who now have the option to select “Iowa 3” as their machine deployment site. This move highlights the company’s objective to broaden its presence across various regions and markets.

This announcement comes at a time when bitcoin miners are experiencing reduced revenue compared to earlier in the year. Despite the lower hashprice—measuring daily output per 1 petahash per second (PH/s)—the network’s hashrate has reached new highs, approaching 700 EH/s. As of 9:20 a.m. EDT on Sept. 9, 2024, the hashrate is maintaining a level of 695.34 EH/s.

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