Compass Reaches 5 EH/s After Energizing 3k Bitcoin Miners

Compass Mining, a bitcoin hardware broker and colocation provider, announced on Monday that it has energized 3,000 miners in Iowa via a hosting partner, bringing its total managed hashrate to 5 EH/s.

Compass said the new energization brings its total year-to-date deployment in Iowa, Indiana, Ohio, Nebraska, and Texas to 30 MW of mining capacity. An additional 1,000 mining machines are scheduled for deployment at the Iowa site in September, adding another 12.5 megawatts of power capacity.

“Approximately 1,600 unique customers already have their machines operational at the new Iowa facility,” the company said in a press release. “Customers can now choose ‘Iowa 3’ as their preferred deployment location when purchasing new mining machines from Compass.”

The energization comes amid the overall network hashrate increase over the past weeks. Bitcoin’s seven-day moving average hashrate set a new record at 700 EH/s on Monday.

Founded in 2020, Compass Mining experienced rapid growth during the 2021 bull market by bridging and managing hosting capacities for customers who purchased bitcoin miners from them.

However, in July 2022, the company acknowledged significant setbacks amidst market turbulence, including poor management and communication with facility partners and hosting customers. This led to a management reshuffle, with the then-CEO and CFO stepping down. The company also laid off 15% of its workforce to focus on its core business.

Since then, Compass Mining has been providing regular updates on operational uptime across its hosting facilities. As of Sep. 2, the company was managing approximately 96 MW of capacity for its miner customers, reporting an average uptime of 90%.