Compass Mining Will Add 25,000 ASIC Miners Weeks After Staff Cuts

Compass mining will add 25,000 ASIC miners to its network of devices, a few weeks after it decided to lay off a part of its workforce so let’s have a closer look at today’s latest cryptocurrency news.

The BTC mining company plans to expand the fleet of mining devices on the back of the decision to lay off some of its employees and make salary cuts as well. Weeks after announcing the staff layoffs, Compass Mining unveiled expansion plans in the form of a 75 megawatts hosting partnership with Compute North of the data center in Texas. The announcement came two weeks after the company laid off 15% of its employees and implemented salary cuts for the executives as a means to fight the market conditions.

The decision also comes after the resignation of CEO Whit Gibbs and CFO Jodie Fisher but also after losing one of the Maine-based hosting facilities after missing payments of utility and hosting fees bills. Compass Mining will add new mines to its fleet and said the new deployment will begin in August and will continue for a few days. The expansion includes plans to deploy 25,000 application-specific integrated circuit miners to the Wolf Hollow plant in Granbury.

According to the company, the facility is powered by a 1.1 gigawatt combined cycle natural gas that fueled plant which uses gas turbines specifically designed and air cooling to decrease the carbon emissions as well as water dependence. The data center also has a curtailable load and can be shut down in an instant if there’s the capacity is exceeded. This also adds to the existing compass facilities in the US, Iceland, and Canada with operations in Texas, Florida, New Mexico, and Ontario as well. Crypto miners in Texas had a hard month as a result of the record-breaking heatwave which caused quite the strain on the energy grid.

Most BTC miners were working with the Electric Reliability Council of Texas by shutting down or reducing operations in order to reduce the damage to the grid. The mining companies are coming to Texas still as they are attracted by less regulatory oversight but also because of low energy costs. Despite the recent heatwave impacting local mining operations, the mining stocks seem to be performing well. Three of the biggest miners by market cap are in the green.

Marathon Digital Holdings saw a 99.85% increase in stock prices while Riot Blockchain is up by 65.55% and Canaan is up by 42% in one month.