Just weeks after announcing staff layoffs and pay cuts, Compass Mining unveiled expansion plans in the form of a 75 megawatt (MW) hosting partnership with Compute North for its data center in Granbury, Texas.
The July 21 announcement comes just two weeks after the company laid off 15% of its employees and implemented pay cuts for its senior executives to cope with tough market conditions.
It also follows the resignation of key executives including CEO Whit Gibbs and Chief Financial Officer Jodie Fisher in late June, as well as the loss of one of its Maine-based accommodation facilities after it allegedly ran out of payments for utility bills and accommodation costs.
Compass said the final large-scale rollout will begin in August and continue for several months.
The expansion includes plans to deploy 25,000 application-specific integrated circuit (ASIC) miners at the existing Wolf Hollow factory site in Granbury, including a variety of next-generation Bitcoin miners.
According to Compass, the facility is state-of-the-art and powered by a 1.1 gigawatt (GW) combined-cycle natural gas power plant, which uses advanced gas turbine designs and air cooling to reduce carbon emissions and water dependence.
The data center also has a fully shortenable load and can shut down at any time if network draw exceeds capacity.
This is in addition to Compass’ existing facilities in the United States, Canada and Iceland, with major operations in Texas, Ontario, New Mexico and Florida.
Crypto miners in Texas, however, had a tough month following a record heat wave in the state, which has caused a strain on the energy grid.
Major bitcoin miners have worked with the Electrical Reliability Council of Texas (ERCOT) by temporarily shutting down or drastically reducing their operations in the state to reduce the toll on the network.
Crypto mining companies always come Texas in droves however, attracted by less regulatory oversight and lower energy costs.
Mining stocks hit a month high
Despite the recent heat wave that affected local mining operations, publicly traded mining stocks appear to be doing well, according to NASDAQ data.
Three of the largest miners by market capitalization are all in the green as of July 22.
Marathon Digital Holdings Inc saw its stock price rise 99.85% in the past month, while Riot Blockchain Inc rose 65.65% and Canaan Inc rose 42.27% in the past month.
This is the price of Bitcoin (BTC) also hit a one-month high, hitting $22,938 at the time of writing.