Compass Mining Signs New 140MW Capacity Deal With Red Jar Digital

Compass will power the new Canadian facility with 95% clean energy.

Nov 2, 2021 at 12:20 p.m. UTC
Updated Nov 3, 2021 at 3:33 p.m. UTC

Compass Mining, the bitcoin mining service provider, signed a new 140 megawatt hosting deal with Canada’s Red Jar Digital, adding to Compass’s current 30MW capacity.

The facility will be located in Ontario, Canada, and will be jointly managed. “More than doubling our current capacity with this newest 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,” said Compass Mining CEO Whit Gibbs.

Compass will help manage the site buildout, train the onsite staff and provide operational oversight for the facility. The miners at the site will be ASICs, or dedicated bitcoin mining computers, and will come online by the end of January 2022.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets