Compass Mining is making strides in expanding its presence in the United States with the construction of a new Bitcoin mining facility in Iowa. The company’s latest project aims to increase its self-owned infrastructure portfolio and enhance operational control.
The Iowa expansion project will see the development of a bitcoin mining facility on a five-acre site, with plans to energize eight megawatts (MW) of capacity by January 2025. The facility has the potential for further expansion up to 30 MW, marking a significant addition to Compass Mining’s network of self-operated sites.
One of the key objectives of the Iowa facility is to reduce reliance on third-party operators by increasing direct ownership and management of infrastructure. By owning and operating its own facilities, Compass Mining aims to mitigate counterparty risks and improve operational efficiency. Customers who purchase mining hardware through Compass will have the option to deploy their machines at the new Iowa site.
Shanon Squires, Chief Mining Officer at Compass Mining, emphasized the importance of the new site in providing customers with greater operational control. The Iowa facility is part of the company’s broader strategy to expand its presence across the United States, following recent projects in Indiana, Ohio, Kentucky, Nebraska, and Texas.
In addition to the Iowa expansion, Compass Mining has plans to energize an additional 20 MW of power across its facilities by early 2025. These efforts align with the company’s commitment to scaling operations in response to increasing demand for bitcoin mining infrastructure.
The developments at Compass Mining reflect the evolving landscape of the bitcoin mining sector, as companies navigate regulatory, operational, and market challenges to achieve sustainable growth. With a focus on expanding self-owned infrastructure and enhancing operational control, Compass Mining is poised to play a significant role in the future of bitcoin mining in the United States.