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Compass Mining Teams Up With Compute North for 75MW Site in Texas
The struggling bitcoin mining hosting firm recently laid off 15% of its staff.
Updated May 11, 2023, 4:19 p.m. Published Jul 20, 2022, 7:08 p.m.
Bitcoin mining hosting and brokerage services firm Compass Mining will work with Compute North on a 75 megawatt (MW) hosting partnership for its Granbury, Texas data center, the company said Wednesday.
- Compass’ deployment will start in August and continue for “several months,” according to the company. Compass seeks to deploy 25,000 application specific integrated circuit (ASIC) miners to the Wolf Hollow plant site in Granbury.
- In a move to readdress its strategy, Compass recently cut 15% of its staff and lowered executive compensation following the resignation of its CEO and chief financial officer. Compass cited "multiple setbacks and disappointments" for the executive changes.
- The new power plant uses advanced gas turbine designs and air cooling to decrease carbon emissions and water dependence, according to Compass’ statement. Regarding Texas’ demand response program, which aids the Energy Reliability Council of Texas (ERCOT) market, the data center is able to curtail its load to ERCOT.
- The move comes as bitcoin miners continue to work with ERCOT on voluntary curtailments for their operations as soaring temperatures cause increased power demand and grid constraints in Texas.
Read more: Bitcoin Production Cost Has Dropped to About $13K, JPMorgan Says
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