Contents:
Why is my rate changing?
When Compass Mining partners with a facility, we share the costs of business. This cost changes depending on different market conditions happening at that particular location. The largest reason for a cost change is due to a change in electricity rate. When mining at scale we are able to secure cheap electricity and therefore hosting rates. That being said, we are not immune to electricity increases. With so much pressure on the electrical grid we are seeing prices go up across the world and this affects our facility partners, us and the customer.
When does this start?
Hosting rate changes can happen at any time but we do our best to tie them to your hosting contract renewal dates.
Does this affect my term length?
No, your term length remains untouched.
Is this for all customers?
Hosting rate changes are considered on a case by case basis. These typically come from the facility level as they are the ones paying the electricity bill and maintaining the operation.
What are my options?
If you have been notified about a hosting rate increase you have several options for how to proceed:
- Continue mining - If you are ok with paying the new hosting rate then no action is needed. You will begin getting charged on the next billing month.
- Sell your miner on the Compass Mining Marketplace - The Compass Mining Marketplace is always available to our customers. This allows you to pick a machine and a price to sell to other Compass Mining Customers.
- Ship your miner to your address - Compass Mining Customers own their hardware. Often if there is a hosting rate increase we will allow customers to opt out of their current hosting agreement and have their machine shipped to home. To cover the costs of de-racking, shipping, inspection and cleaning, deposits will typically be forfeited and customers will be asked to cover shipping costs. Note: Customers are responsible for covering their hosting costs until the unit is unplugged and de-racked.
- Retire your miner - Due to the competitive nature of Bitcoin Mining new miners hit the market frequently. Efficiency increases over time reduce the profitability of old generation machines. To learn more about the retirement options inquire within a new or existing ticket.
Pay close attention to your hosting rate email. This contains important information unique to your hosting rate change.
What happens if my miner is offline/out for repair?
Regardless of what you choose to do with your miner, you are entitled to receive credits according to our downtime policies. If your miner is out for repair we will work with you to complete the repair if you choose to do so before moving forward. Credits will be issued accordingly.
Which of my miners are impacted?
Affected miners will be detailed in the hosting rate email. These changes will also reflect on your Compass Dashboard.