Energy in Georgia was more expensive than in Texas.
The hosting partner of a U.S. bitcoin mining company, Compass Mining, has decided to shut down two data centers in Georgia after energy rates increased by more than 50 percent. Compass Mining, which provides bitcoin mining services to individuals, does not own the mining equipment itself, but leases it.
The equipment operator, after the sharp increase in energy costs, which occupy a leading role in the cost structure of miners, has decided to relocate 5 thousand of mining machines in the state of Texas. Their total capacity is about 15 mW. In total, Compass Mining has leased 8,000 machines, with a capacity of 25 mW.
The relocation process is expected to take about a month. In Texas itself, Compass Mining also has leased mining equipment that was officially connected to the state’s power grid in August of this year. The 25-megawatt machines are expected to be operational by the end of September, and the plan is to quadruple the amount of mining machines in the near future, including by relocating miners from Georgia.
The operator of the machines will be the same company as in Georgia. The actions of Compass Mining to significantly increase the mining machines stacked into a general trend.
Compass Mining also relocates equipment within Canada, from British Columbia to the factory in Labrador. In this case, the reason for the move was a change of hosting operator, and the relocation itself will take no more than a week.