02 Nov, 2021, 08:00 ET
NEW YORK, Nov. 2, 2021 /PRNewswire/ -- Compass Mining ("Compass" or "the Company"), the world's first and largest online marketplace for bitcoin mining hardware and hosting, today announced an agreement with Red Jar Digital Infrastructure ("RJDI"), a hosting infrastructure company founded and managed by energy and infrastructure veterans, for a new Canada-based hosting facility powered by 95% clean energy. The Ontario facility will be jointly managed by Compass and RJDI, a first for both companies, and will feature up to 140 MW of additional capacity for Compass' userbase, a vast increase over the Company's current 30 MW of total capacity, further balancing the playing field for retail miners.
Whit Gibbs, CEO of Compass Mining, commented on the news, "More than doubling our current capacity with this new deal is a big step forward in Compass Mining's business model to provide retail bitcoin miners with the ability to compete at an institutional level. By using our experience to jointly manage the facility, we are further integrating ourselves into the whole mining process and will be able to provide customers with our wide range of services in an efficient and effective manner. We are excited to take advantage of the larger capacity and host an exponentially greater number of ASICs, better serving our customers' desires to mine bitcoin while reducing their overall impact on the environment."
Through the deal with RJDI, Compass will help to manage the site buildout, train the onsite staff, and provide ongoing operational oversight for the new facility. This level of control will allow Compass to deliver best-in-class services for miners. The initial 100 MW will be reserved entirely for Compass' miners, marking the largest amount of power ever allocated for the Company's miners at a single facility. The remaining power will be dedicated to Compass' Special Mining VehicleTM.
Ron Dizy, CEO of Red Jar Digital Infrastructure, added "Our deep knowledge and experience in managing complex electrical projects and understanding of the intricacies of tariff structures across Canada complements Compass Mining's expertise in ASIC sourcing and hosting. We are delighted to partner with them on the development of our first bitcoin mining facility and bring professional management and clean energy to bitcoin mining in Ontario. We look forward to developing additional sites and utilizing Ontario's competitive power rates and numerous sources of clean energy."
The first ASICs in the new facility are set to come online by the end of January 2022.
About Compass Mining
Compass Mining is a bitcoin-first, proof-of-work mining hardware and hosting company on a mission to strengthen Bitcoin's network by democratizing hash rate. Compass' mining marketplace offers easy procurement and deployment of mining machines for institutional and retail clients. Compass also produces industry-leading research and educational content through a variety of tailored media product offerings. Mining is a notoriously opaque sector of the Bitcoin industry, but Compass now serves as the guide for everyone's path to successfully mine bitcoin. Thanks to Compass, now everyone can mine bitcoin.
For more information on Compass Mining, visit https://compassmining.io/
About Red Jar Digital Infrastructure
Red Jar Digital Infrastructure is a wholly owned subsidiary of Red Jar Capital Corp, focused on the development of cryptocurrency mining facilities in Canada. Bringing the experience and skills of its principals in electrical services and deep knowledge of the regulatory and market environments in the Canadian energy system, RJDI designs, builds and operates world class mining facilities at select sites in Canada.
Jay A. Morakis
M Group Strategic Communications (For Compass Mining)
SOURCE Compass Mining
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