Everything in Observer
Business Description
Compass Mining, founded in 2020 and based in the United States, operates a bitcoin mining hardware sales and colocation hosting platform serving retail and enterprise customers across more than 20 facilities in the US and Canada.
The company's core offering pairs ASIC hardware procurement with managed hosting. Compass sells new and certified pre-owned miners, including Bitmain's Antminer S21 XP (270 TH/s), Antminer S21 Pro (245 TH/s), and Antminer S21 (200 TH/s), and deploys purchased machines at partner data centers under a service agreement that includes 24/7 customer support. A secondary Compass Marketplace allows customers to re-list hardware for peer-to-peer resale without long-term contract lock-in, distinguishing the model from conventional dedicated-hosting arrangements.
As of 2025, Compass reports 5.9 EH/s of hashrate under management across 20 hosting facilities totaling 160 MW of capacity, more than 10,000 customers, and over 100,000 machines sold and deployed since launch. The company guarantees 95% uptime, delivered through a combination of direct miner uptime and service-level credits for excess downtime.
Capacity expansion has defined Compass's strategy since 2024. During that year the company energized approximately 50 MW across Indiana, Iowa, Ohio, Kentucky, Nebraska, and Texas. A 25 MW Texas facility came online in December 2024. In February 2025, Compass opened a 20 MW hydro-cooled North Dakota facility equipped with Antminer S21 Hydro machines. The company fully energized a 30 MW self-owned Iowa facility in April 2025, marking its first major proprietary site. A 4.5 MW Iowa site, Pioneer IA5, was developed with partner DIGTB and energized in July 2025. In Minnesota, data center developer AAIM constructed a 7.5 MW site that Compass operates under a split-ownership structure. A 10 MW Texas site was converted to enterprise colocation through a partnership with Onmine. Compass also maintains facilities in Manitoba and Ontario, Canada.
The company raised a $1.7 million seed round in February 2021 from CMT Digital Holdings, CoinFund, CoinShares Ventures, Galaxy Digital, and Kesha Ventures. Co-founders Whit Gibbs, Paul Gosker, and Thomas Heller launched Compass Mining in 2020; following executive changes in June 2022, Gosker and Heller assumed co-CEO roles. In January 2023, Compass secured a $1.5 million judgment against a hosting firm in a breach-of-contract dispute.
The 2025 energization of Compass Mining's first self-owned 30 MW Iowa facility signals a strategic shift from its founding model (pure hardware brokerage and third-party hosting placement) toward direct infrastructure ownership and enterprise colocation.
