Compass Mining Expands Its capacity in Ontario
Compass Mining collaborates with Red Jar Digital Infrastructure to establish the first Bitcoin mining operation in Ontario, Canada.
Compass Mining, the all-in-one online bitcoin mining and hosting service, said today that it is tripling its capacity to 240MW, making it the world’s biggest service of its sort.
Compass is teaming with Red Jar Digital Infrastructure to build a new mega facility in Ontario, Canada that will offer Compass miners the “biggest amount of power ever provided to the company’s miners at a single site,” according to the release.
“More than doubling our existing capacity with this latest agreement represents a significant advancement in Compass Mining’s business strategy of enabling retail bitcoin miners to compete on an institutional level,” Compass Mining CEO Whit Gibbs said. “We’re pleased to use the increased capacity and host an exponentially bigger number of ASICs, enabling us to better serve our customers’ desire to mine bitcoin while minimizing their total environmental effect.”
Compass, headquartered in Overland Park, Kansas, has grown in the recent year to include locations in the United States, Russia, and Kazakhstan. However, Ontario is a first for Compass Mining, which also operates in Alberta, Quebec, Manitoba, New Brunswick, and Newfoundland, and Labrador.
The Cambridge Center for Alternative Finance estimates Canada’s hash rate to be 3%, however, Luxor Technologies, which analyses hash rates, believes it to be closer to 7.8%. Ontario’s hash rate is irrelevant at the moment, but cheap electricity and a business-friendly government may alter that.
Compass will assist RJDI in “managing the site buildout, training onsite workers, and providing continuous operational management for the new facility” as part of this agreement, according to the statement.
Compass and Red Jar Digital Infrastructure (RJDI) will jointly administer the new Ontario facility, a first for both organizations. According to their website, RJDI is based in Oakville, Ontario.
“We are accomplished entrepreneurs, corporate finance professionals, dealmakers, and operators looking to work with like-minded individuals to help them grow great businesses – and have some fun along the way.”
The firm established and controls Spark Power, which has 35 locations around North America, including many in Ontario — Oakville, Brampton, Mississauga, Hamilton, and Toronto.
Ron Dizy, CEO of RJDI, said in today’s announcement: “Our extensive knowledge and experience handling complicated electrical projects, as well as our awareness of the complexities of tariff structures throughout Canada, compliment Compass Mining’s expertise in ASIC procurement and hosting.” We’re thrilled to be collaborating with them on the creation of our first bitcoin mining plant.”
“We look forward to expanding our footprint and using Ontario’s competitive energy tariffs and diverse renewable energy sources,” he said.
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Compass and RJDI are both dedicated to ecologically responsible energy, and this plant, according to the statement, will use 95 percent clean energy.
“This plant is primarily fueled by nuclear and hydroelectric energy. At the moment, the majority of firms are giving retail customers between 8 and 12 cents per kilowatt-hour. This platform will enable us to provide rates that are far lower than those available elsewhere,” Gibbs told Bitcoin Magazine in an interview.
Compass Mining has announced 20-year cooperation with California-based energy business Oklo to build an advanced fission bitcoin factory. The new facility’s first ASICs are scheduled to be online by the end of January 2022.