Compass to Add 25 MW Texas Bitcoin Mine by January

Bitcoin mining hardware and colocation provider Compass Mining is set to expand its power capacity network in Texas by 25 megawatts (MW) in the coming weeks.

In a press release on Friday, Compass announced the addition of a new 25 MW Bitcoin mining facility in Texas to its existing hosting partner network.

“The facility is already fully built out and will be operational with an initial 5 MW of capacity by year’s end, scaling to 25 MW in early January 2025,” Compass stated. The company also plans to expand the site’s capacity further to 60 MW by the third quarter of 2025.

The new Texas site, dubbed “Texas 6,” will host a mix of relocated mining equipment from Compass’ existing facilities and newly deployed machines for its hosting customers. Compass will assist the site partner in hiring technicians to ensure uptime and reliability requirements are met.

Compass has traditionally leveraged a network of third-party hosting partners to power mining equipment purchased or delivered by its customers. Last month, it announced plans to energize an 8 MW proprietary Bitcoin mining facility in Iowa, which is scheduled to go live in January 2025.

So far this year, Compass has energized 50 MW of power capacity across five U.S. states. An additional 35 MW, including the Texas and Iowa facilities, is slated to come online in January.

Meanwhile, Bitcoin’s network hashrate continues to climb, with its seven-day moving average nearing 800 EH/s, driving mining difficulty to record highs. On Friday, Bitcoin’s declining market price pushed the network’s hashprice below $60/PH/s once again.