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Compassmining.io ASIC Miner Sales and Colocation

What is Compass?

Compass is a company owned by HASHR8 that’s looking to bring industrial electricity rates to miners. The company acts as an intermediary between miners of all sizes and large-scale mining facilities offering colocation services. Compass provides a registry of verified large-scale facilities and creates a colocation contract as well as collecting payment for the services.

Compass website

What is HASHR8?

HASHR8 is a media and Bitcoin mining company founded by Whit Gibbs in 2019. Whit Gibbs has spent his career dedicated to helping businesses build external relationships and increase sales. His primary focus will always be to grow his capacity to serve others.

What is colocation?

Colocation in reference to crypto mining is essentially a large-scale facility renting out space and services to miners. There are a lot of benefits to having your hardware running in a colocation facility, such as not having to give up the quiet or space in your home for your mining rigs, as well as gaining access to industrial electric rates which are significantly cheaper than residential rates. Colocation facilities will run and maintain your hardware for you, usually including backups in case of power surges, and provide safety measures to protect your hardware. After an agreement is made, you’d simply send your hardware to the colocation facility, and they’d set it up for you. Some facilities do offer the option to rent hardware, but we recommend purchasing your own hardware.

How does Compass help with this?

Compass acts as an intermediary, essentially a trusted third party to help keep all transactions safe and fair. Compass verifies all facilities listed on their website and acts as a contact point between the facility and the miners. They have an easy-to-use search feature, including filters for the region, number of machines, and max price/kWh.

Compass Facilities tab

When you select a facility you get an overview of the services the individual facility offers.

Example of colocation services

If you choose to use the service, all payments are made through Compass in their user-friendly dashboard.

Compass dashboard

Compass accepts payment via credit card through stripe with a 3% fee or cryptocurrency. They do have a note saying if you’d like to pay via another method to contact them.

How does Compass/HASHR8 verify facilities?

HASHR8 verifies facilities by requiring legal proof of business, information about security features, and information about technical support capabilities. HASHR8 has previously hosted machines with many of the facilities and has done a physical inspection of many of the facilities, but not all due to travel restrictions. They also speak to existing clients of individual facilities for feedback. Compass also provides 24/7 customer service in case there’s anything you need help with or don’t understand.

Image from a tour some of the VoskCoin team went on of one of the facilities offered on Compass

Single ASIC Hosting

While Compass doesn’t place minimum quantities on hosting hardware, many colocation facilities do. Compass does however offer a program for ASIC miners purchased directly through them to be hosted at a verified colocation facility, even with a single ASIC miner. Most of the electricity rates for these facilities are under $0.06/kWh. Some hardware does have minimum order quantity restrictions, but many sold on Compass do not.

Mining hardware available at the time of writing this article

When you select the miner you’d like to purchase and select add to cart, you’ll be given the option for hosting at a facility.

Hardware purchase checkout menu

You can also browse the hosting facilities available for your purchase by selecting the two arrows next to the facility.

Options for colocation of newly purchased ASIC miner

Future Plans

Compass is working towards expanding, just this week announcing that they successfully raised 1.7 million dollars in venture funding for scaling.

The funding was led by Galaxy Digital, including participation from CMT Digital, CoinFund, Coinshares, Rarestone Capital, and the CEO & Founder of BlockFi, Zac Prince. Amanda Fabiano, the Head of Mining from Galaxy digital and Meltem Demirors, the Chief Strategy Officer from Coinshares will be joining the board.

Compass is also currently working on a project called Powerblocks, intended to offer another way for small-size miners to not be shutout by colocation minimums. PowerBlocks are likely to be extremely beneficial for GPU miners seeking industrial power rates. They haven’t released much information about this project yet.

So, should you mine with Compass? Compass is a verified and trustworthy source for crypto mining colocation services as well as buying ASIC mining rigs. Compass brings a valuable service to miners of any size and is becoming a one-stop-shop for crypto miners by offering hardware and colocation in one place.

Compass periodically sponsors videos on the VoskCoin YouTube channel, VoskCoin has no stake in Compass otherwise.

This article is not intended to be taken as financial advice. If you found this article helpful please subscribe to VoskCoin here on Medium, YouTube, and check out the VoskCoin website!

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