• Tue. Nov 2nd, 2021

Compass announces new 140 MW bitcoin mining facility in Canada

ByHazel R. Lang

Nov 2, 2021

Compass Mining, a bitcoin mining hardware marketplace and hosting service provider, announced on Tuesday that it will host a new 140 megawatt (MW) bitcoin mining facility in Ontario, Canada.

The company has partnered with hosting infrastructure provider Red Jar Digital Infrastructure, a wholly owned subsidiary of Canadian company Red Jar Capital, for the installation. Compass indicates that the facility will be powered 95% by “clean energy”, that is, by electricity from nuclear, hydro, wind, solar and biomass sources.

Compass CEO Whit Gibbs told The Block that the capacity of the new facility will represent a significant increase over the company’s current 30 MW facilities in various locations, including the United States and Russia. “The new facility will be the largest single site in North America for retail miners,” Gibbs said.

It will take at least a year to bring in the full 140 MW capacity of the new facility. Gibbs said the mining machines will start coming online by the end of January 2022 and reach planned capacity by the end of this year.

At full capacity, the new facility is expected to contribute more than 3 EH / s (exahashs per second) hash rate to the Bitcoin network, according to Gibbs. Currently, Compass customers contribute around 760 PH / s (petahashes per second), which is around 0.5% of the current Bitcoin hash rate, Gibbs said.

Regarding Red Jar Digital Infrastructure’s role in the partnership, Gibbs said the company leases the facility and owns the power purchase contract. “They selected Compass to populate and co-manage the site / ASIC,” he said.

“Our in-depth knowledge and experience in managing complex electrical projects and our understanding of the intricacies of rate structures across Canada complements Compass Mining’s expertise in ASIC sourcing and hosting,” said Ron Dizy, CEO of Red Jar Digital Infrastructure.

Dizy went on to say that this is the first bitcoin mining facility Red Jar is building and the company looks forward to developing additional sites in Canada in the future.

© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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