Bitcoin mining company Compass Mining loses facility for not paying electricity bill

Bitcoin mining company Compass Mining loses facility for not paying electricity bill

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Bitcoin mining company Compass Mining loses facility for not paying electricity bill

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Published on June 27, 2022 22:00 GMT+00:00edited on June 28, 2022 14:49 GMT+00:00

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Compass Mining is a Bitcoin (BTC) hosting company offering managed mining services to Bitcoin miners. Customers can purchase ASIC miners from the Compass website and have them installed at one of several locations.

One such facility is owned by Dynamics Mining which today released a notice stating that its “facility hosting agreement in Maine was terminated… for failure to pay power consumption charges.”

The charges allegedly came to $1.2 million, of which just over half has been paid over the past 6 months.

The facility is in Maine, a state with the highest electricity cost in North America. The expenditure could be a factor in Compass Mining’s inability to pay. However, the facility in question claims to be 100% renewable and carbon-neutral so it is possible that …