Compass Mining Expands into Iowa with New 30 MW Bitcoin Mining Facility

The new, fully self-owned facility enhances Compass's capacity and offers customers greater choice for machine deployment

WILMINGTON, Del.,Nov. 19, 2024/PRNewswire/ -- Compass Mining ("Compass"or the"Company"), a leading provider of Bitcoin mining hardware, hosting, and services, today announced its acquisition of property and power agreements to establish a state-of-the-art mining facility inIowa. Construction is already underway on the expandable facility, with an initial 8 megawatts (MW) scheduled for energization inJanuary 2025and plans for expansion up to 30 MW as Compass pursues additional infrastructure investments.

Located on a 5-acre greenfield site, the newIowafacility marks a significant step in the Company's growth strategy, increasing its self-owned infrastructure portfolio. With an Electric Service Agreement (ESA) in place, Compass is on track to energize 8 MW of capacity byJanuary 2025. Once operational, Compass customers will have the option to select"Iowa4"as the deployment location for new machines purchased through Compass's platform.

Compass Mining has traditionally partnered with third-party facilities but is actively working to reduce counterparty risk through ownership of its own sites, such as the newIowafacility, which is both self-owned and self-operated. This ownership model allows Compass to strengthen control over its operations and offer enhanced flexibility to customers.

"This new site marks an important milestone,"saidShanon Squires, Chief Mining Officer of Compass Mining."By increasing our self-owned capacity, we can provide our customers greater operational control. At the same time, our partnerships with reliable third-party facilities provide our customers greater deployment flexibility, reflecting both power market dynamics and geographic diversity."

TheIowafacility builds on Compass's broader U.S. expansion, following the successful energization of facilities acrossKentucky(10 MW) andNebraska(7.5 MW) earlier this year. In 2024 alone, Compass has energized nearly 50 MW of new power capacity acrossIndiana,Iowa,Ohio,Kentucky,Nebraska, andTexas, with an additional 20 MW planned byJanuary 2025.

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, visitcompassmining.io.

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SOURCE Compass Mining