Compass Mining Expands Operations into Kentucky with New 10 Megawatt Partnership

Rhea-AI Summary

Compass Mining has announced a partnership with Cathedra Bitcoin to co-locate 10 megawatts (MW) of Bitcoin mining equipment at Cathedra's Kentucky data center. Under the profit-sharing agreement, Compass will manage operations and cover power costs. The partnership follows Compass's recent expansions, including 4,000 mining machines in Iowa and 2,400 in Nebraska. The company has brought nearly 50 MW of power capacity online across facilities in multiple states in 2024 and plans to add 20 MW more by year-end. The Kentucky facility was chosen for its stable power grid and favorable regulatory environment.

Positive

• Strategic expansion adding 10 MW of mining capacity in Kentucky
• Nearly 50 MW of power capacity brought online across multiple states in 2024
• Planned addition of 20 MW by year-end
• Geographic diversification across multiple power markets
• Recent successful deployment of 6,400 mining machines in Iowa and Nebraska

Negative

• None.

Compass will lease Cathedra's state-of-the-art facility for its Bitcoin mining operations under a profit-sharing agreement

WILMINGTON, Del., Oct. 28, 2024 /PRNewswire/ -- Compass Mining ("Compass" or the "Company"), a leading provider of Bitcoin mining hardware, hosting, and services, today announced its partnership with Cathedra Bitcoin (TSX-V: CBIT; OTC: CBTTF) ("Cathedra"), a digital infrastructure company, to co-locate 10 megawatts (MW) of Bitcoin mining equipment at one of Cathedra's data centers in Kentucky. This collaboration is set to increase Compass's capabilities, ensuring enhanced services and operational stability for its customers.

Geographic expansion and strategic partnerships ensure a consistent and profitable mining experience for customers.

Under the terms of the agreement, Compass will manage the mining operations at the facility, covering pass-through power costs, while sharing Bitcoin mining profit with Cathedra. Both parties intend to expand this partnership beyond the initial 10 MW to other sites in the future.

"We're thrilled to partner with Cathedra," said Paul Gosker, CEO of Compass Mining. "The Kentucky data center meets Compass's high uptime and reliability standards for all its partner sites, and the location offers a stable power grid and favorable regulatory environment. By leveraging Cathedra's infrastructure, we will have even greater flexibility and control over our Bitcoin mining services."

This partnership builds on Compass's ongoing efforts to expand its footprint in different regions, following recent successful energizations of 4,000 mining machines in Iowa and 2,400 in Nebraska. With nearly 50 MW of power capacity brought online across facilities in Indiana, Iowa, Ohio, Kentucky, Nebraska, and Texas in 2024 alone, Compass plans to add an additional 20 MW by the end of the year.

Compass Mining's geographic expansion and strategic partnerships, such as this collaboration with Cathedra, ensure a consistent and profitable mining experience for its customers. Whether hosting at one of Compass's facilities or purchasing hardware through its user-friendly platform, clients benefit from the Company's vast experience, expert customer service, and a growing portfolio of energy-efficient mining sites in varying power markets.

"Our goal has always been to make Bitcoin mining accessible for everyone, regardless of size or expertise," said Gosker. "With our continued growth, both new and existing customers can trust Compass to deliver world-class mining services backed by our growing expertise, and the infrastructure required to succeed."

"We are very excited to be working with Compass Mining, a company that has demonstrated their ability to mine bitcoin at scale through multiple market cycles," remarked Cathedra President and COO Drew Armstrong.

About Compass Mining

Compass Mining is a customer-first company that provides a platform for individuals and businesses to purchase Bitcoin mining hardware, host machines, build and manage mining facilities, and access a range of ancillary services. With a commitment to exceptional customer support and transparency, Compass Mining sets the benchmark for bitcoin mining hosting. Its mission is to make Bitcoin mining accessible to everyone. To learn more about Compass Mining or to start mining today, visit compassmining.io.

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SOURCE Compass Mining

FAQ

What is the size of Compass Mining's new partnership with Cathedra Bitcoin (CBTTF) in Kentucky?

The partnership involves co-locating 10 megawatts (MW) of Bitcoin mining equipment at Cathedra's Kentucky data center.

How much mining capacity has Compass Mining added in 2024?

Compass Mining has brought nearly 50 MW of power capacity online across facilities in Indiana, Iowa, Ohio, Kentucky, Nebraska, and Texas in 2024.

What are the terms of the Compass Mining and Cathedra Bitcoin (CBTTF) partnership?

Compass will manage the mining operations and cover pass-through power costs while sharing Bitcoin mining profit with Cathedra.

How many additional megawatts does Compass Mining plan to add by the end of 2024?

Compass Mining plans to add an additional 20 MW of capacity by the end of 2024.