Cryptocurrency mining hardware and hosting company Middleman Compass is facing the closure of its Georgia facilities amid rising energy prices.
The company will move 5,000 mining tools from the facility to Texas, which it may close due to rising energy prices in the state.
Middleman Compass Struggles With Rising Energy Costs
Middleman Compass, which allows private investors to mine, may close two of its Georgia facilities due to rising energy costs. The company’s owner had lost one of its Maine-based hosting facilities after Dynamics Mining terminated the hosting agreement between the two, alleging that Compass was not paying the bills. This time, a similar situation is in question for the Georgia facility.
The CEO of the company, Thomas Heller, said in his statement on the subject:
“If the local energy distributor increases prices by close to 50 percent, it will cost Bitcoin mining too much”
Heller said the Georgia site hosts about 5,000 machines, or about 15 megawatts (MW), for Compass customers. The co-CEO said the operator is home to a total of 8,000 machines, or 25 MW, for Compass.
Customers shared a screenshot of an email from Middleman Compass on social media, announcing that they could move their operations to the Texas facility. CEO Heller announced that Compass will work to resolve this situation as soon as possible and will give credit to affected users.
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