Compass Mining, a leading Bitcoin hardware broker and colocation provider, has announced that it has energized 3,000 Bitcoin mining machines in Iowa through a hosting partner, pushing its total managed hashrate to 5 exahashes per second (EH/s). The move is part of the company’s broader expansion efforts in the U.S., with deployments also underway in Indiana, Ohio, Nebraska, and Texas.

The 3,000 newly energized miners in Iowa bring Compass Mining's year-to-date deployment to 30 megawatts (MW) of mining capacity. Additionally, another 1,000 mining machines are scheduled for deployment at the same Iowa site in September, which will add another 12.5 MW of power capacity. The company noted that around 1,600 unique customers already have their machines operational at the Iowa facility.

“Customers can now choose ‘Iowa 3’ as their preferred deployment location when purchasing new mining machines from Compass,” the company said in a press release. This energization coincides with Bitcoin’s network hashrate reaching an all-time high of 700 EH/s on a seven-day moving average.

Founded in 2020, Compass Mining saw rapid growth during the 2021 bull market by managing hosting capacities for customers who purchased Bitcoin miners. However, the company faced significant challenges in mid-2022 due to market turbulence and management issues, leading to a leadership shake-up and layoffs. Since then, Compass Mining has refocused on improving operational efficiency and reporting regular updates on its hosting facilities' performance.

Currently, the company manages around 96 MW of capacity across multiple sites and reported a 90% uptime average as of early September. With further energization scheduled and improvements in site management, Compass Mining aims to continue scaling its operations despite the industry's volatility.

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