US-based bitcoin miner – Compass Mining – intends to add 25,000 ASIC miners to its facility in Granbury, Texas. The rollout is scheduled for August as it will be supported by Compass partner – Compute North.
Moving forward despite layoffs
Compass Mining has been struggling recently for many reasons. In an attempt to win back “stakeholder goodwill,” CEO Whit Gibbs and chief financial officer Jodie Fisher stepped down last month. According to sources, Compass Mining owes more than half a million electricity bills. The restructuring was to reorganize the company and help it solve its problems.
A few weeks later, the firm cut its workforce by 15%, citing the continued decline in the cryptocurrency market. The new CEOs – Thomas Heller and Paul Gosker – argued that Compass “has grown too quickly” and that the necessary changes should standardize the work process.
Despite these events, the company revealed that it will be adding 25,000 ASIC miners to its operations, including the latest editions of the Antminer S19XP, Antminer S19j Pro, and Whatsminer M30S++. The new addition focuses on the Granbury, Texas facility and will increase its productivity by 75 megawatts (MW).
It should be noted that the latter ranks among the cleanest entities of its kind as it is powered by a 1.1 gigawatt (GW) combined cycle natural gas plant.
Speaking of Compass, it functions as a mining service that hosts BTC miners on behalf of clients. Its clients include one of the largest organizations in the industry – Marathon Digital Holdings.
Marathon and the other giants
Three of the top BTC mining companies – Argo Blockchain, Riot Blockchain and Marathon Digital – have announced their recent performance and how the crypto winter has affected their operations.
UK-based blockchain Argo mined 179 BTC in June, a significant improvement from the 124 BTC produced in May. However, due to the current unfavorable macroeconomic conditions and the loan agreement with Galaxy Digital, the company had to sell 637 BTC at an average price of $24,500.
Riot Blockchain mined 421 BTC last month, marking a 73% year-over-year increase. Similar to Argo Blockchain, it has been forced to part with some of its stash to address current issues. The company sold 300 BTC for around $6.2 million.
During the stock market crash, Marathon Digital was among the few entities that did not sell some of its bitcoin holdings. In fact, the last time he did so was in October 2020.
During the second quarter of 2022, Marathon mined 707 BTC, an increase of 8% year-over-year. He currently holds 10,055 BTC, or over $233 million (calculated at today’s prices).
Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).
PrimeXBT Special Offer: Use this link to sign up and enter code POTATO50 to receive up to $7,000 on your deposits.