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- A partnership with Computer North is planning the expansion.
- The company decided to lay off 15% of its employees on July 21.
- According to the executives of Compass, the company is planning to expand through its upcoming large-scale deployment.
The CEO’s Resignation
This quarter has resulted in the deaths of many crypto exchanges and lending firms. That is obvious that most crypto-based companies have suffered massive losses. A few months after that, Compass Mining unveiled some expansion plans for the company. A partnership with Computer North is planning the expansion. The firm will be used as its data center, which will be held up in Granbury, Texas.
To fight the difficult market conditions, the company decided to lay off 15% of its employees on July 21. Not only this, but they have also cut top executives salaries. If you think that the drama ends here, read more. After this, some high-level executives such as CEO Whit Gibbs and chief finance officer Jodie Fisher. This happened in late June. It ended up losing its hosting facilities, situated in Maine. This occurred after missing payments(allegedly) regarding utility bills and hosting fees.
The Granbury Expansion
According to the executives of Compass, the company is planning to expand through its upcoming large-scale deployment. This will begin in August and will continue for the upcoming months. This expansion includes a lot of things. A major part is deploying 25,000 application-specific integrated circuits (ASIC) miners to the Wolf Hollow plant site. It includes many types of next-generation Bitcoin miners located in Granbury.
This will be a significant addition to the Compass facilities already residing in the US, Canada, and Iceland. The crypto miners who have been residing in Texas had a difficult month. This is because of the extreme heat conditions in the state, causing a strain on the energy grid.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
