Compass Mining, an American bitcoin miner, plans to add 25,000 ASIC mining machines to its Granbury, Texas facility. Compute North, Compass’ partner, will support the deployment which is scheduled to take place in August.
Moving Forward Despite Dismissals
Compass Mining has been in trouble recently for many reasons. Both Whit Gibbs, the CEO, and Jodie Fisher, the CFO, resigned last month in an effort to regain trust from stakeholders. Sources claim that Compass Mining owes more than half a million dollars in electricity bills. It was planned that the restructuring would reorganize Compass Mining and solve its problems.
The firm cut its staff by 15% a few weeks later due to the continuing decline in the cryptocurrency market. Paul Gosker and Thomas Heller, the new CEOs, argued that Compass had grown too fast and needed to make adjustments to normalize the work process.
The company announced that it would add 25,000 ASIC miners, including the most recent editions of the Antminer S19XP and Antminer S19j Pro and Whatsminer M30S++, to its operations despite these events. Granbury, Texas will be the focus of the new addition. It will increase its productivity by 75 megawatts.
It is important to note that this plant is one of the most environmentally friendly of its kind, as it is powered with a combined cycle natural gas-fueled plant of 1.1 gigawatts (GW).
Compass is a mining service that hosts BTC miner on behalf of clients. One of its customers is Marathon Digital Holdings, one of the biggest companies in the space.
Marathon and the Other Giants
The top three BTC mining companies, Argo Blockchain and Riot Blockchain, announced their performance recently and explained how crypto winter had affected their operations.
Argo Blockchain, a UK-based blockchain mined 179 BTC during June. This is a substantial improvement over the May production of 124 BTC. Due to adverse macroeconomic conditions, and the loan agreement with Galaxy Digital the firm had to sell 637 BTC for an average price $24,500.
Riot Blockchain mined 421 BTC in the last month, a 73% YoY rise. It was forced to sell some of its bitcoins to resolve current problems, much like Argo Blockchain. The company sold 300 BTC to raise approximately $6.2 million.
Marathon Digital was one of the few companies that didn’t sell any bitcoins during the market crash. It was actually October 2020 that it last did this.
Marathon mined 707 BTC in Q2 2022, an increase of 8% Year-Over year. At today’s prices, it currently has 10,055 BTC. This is equivalent to more than $233 million.
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