Compass Mining Signs Deal to Expand its Bitcoin Mining Facility in Canada
Compass Mining is a crypto farming organization that accounts for generating and operating massive Bitcoin mining farms. The company has now decided to expand its operations and build more crypto mining operations in Ontario, Canada. To make this massive new project possible, the company has reached out to another corporation called Red Jar Digital Infrastructure.
For the time being, Compass can produce 30 MegaWatt worth of mining facilities that are located in different parts of Russian and the USA. However, according to the new expenditure plans of the company, they are going to enhance their power generation capacity to 140 MegaWatts. These new mining operations are also going to within the bounds of Ontario, Canada.
Whitt Gibbs is the CEO of Compass Mining, and he was speaking to journalists recently about the massive scope of the crypto mining corporation. He told the media that the Bitcoin mining hardware and hosting service provider has decided to outsource their commercial contract to manage the project more efficiently.
He further explained that the whole operation is going to take around a year to get completed. According to him, the first few new mining rigs will start to go live from Jan 2022, and by the end of the year, the company will be able to reach the decided extended limit. At present, Compass Mining contributes 0.5% of the total hashrate for Bitcoin that equating to 760 Petahashes per second.
Compass Mining Plans to Use Clean Energy Sources to Power Bitcoin Mining Farms
As per CEO Whitt Gibbs, the company plans to be able to provide as much as 3 EH/s or exahashes per second before the end of 2022. He further added that this new project is going to make the North American region the largest Bitcoin hashrate generator.
Gibbs also told the media that Red Jar Digital Infrastructure is going to play the role of leasing, co-managing, and holding the power purchase agreements for the sites. Addressing the issue of carbon footprint related to Bitcoin mining, Gibbs clarified that the corporation plans to depend on clean energy sources dominantly to power their new projects. As per him, the Compass Mining Corporation is looking at options like solar, wind, hydro, biomass, and nuclear sources to account for 95% of the entire project. Red Digital CEO Ron Dizy claimed that Compass Mining would allow the company to venture into crypto mining for the first time and tackle intricate issues like ASICs, electrical equipment, and the tariff structure of Canada.
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