Georgia Bitcoin Mining Facilities of Middleman Compass to Close Due to Rising Energy Prices

Due to rising power prices in the U.S. state of Georgia, two facilities utilized by Compass Mining, a middleman that enables regular investors to participate in the mining of bitcoin, are closing.
According to Thomas Heller, co-CEO of Compass, the owner of the sites is closing them down as a result of a local utility provider's price increase of more than 50%, which is a significant cost associated with bitcoin mining. Yesterday afternoon, the facility owner informed the business of the news.

Retail investors can purchase tiny amounts of mining capacity from Compass Mining at locations all around the world. None of the amenities offered on its platform are owned by it. Whit Gibbs resigned as CEO in June, and the new management reduced employees by 15% as a result of the company's troubles with downtime, deployment delays, and mining equipment delayed in Russia.
According to Heller, the Georgia location was housing roughly 5,000 machines, or 15 megawatts (MW), for Compass customers. According to the co-CEO, the operator is hosting 8,000 machines, or 25 MW, in total for Compass.
According to a snapshot of an email to consumers shared on social media, clients can choose to have their computers moved to a location in Texas, a procedure that will probably take approximately a month. According to Heller, Compass would make an effort to reduce the downtime and will provide affected clients credits.
The institution in Texas has had its own issues. Due to the delay in connecting to the power grid, it had to run on generators for some time. However, Heller claimed that because to heat and other factors, those weren't always in use, which caused downtime for the mining rigs. Due to the site's poor uptime, Compass proposed moving the Texas computers to Georgia in July. Later, Compass said that it will not go through with the relocation due to Georgia's high energy rates.
According to Heller, since the Texas site's grid connection in August, uptime has been "extremely good." The plant is anticipated to consume more than 100 MW of electricity, but the screenshot shows that Compass's share of that will only be 25 MW by the end of September.
Until recently, the Georgia facilities were "extremely strong" since the operator was excellent. According to Heller, Compass anticipates the same to be true for the Texas location, which is handled by the same business.