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Large Crypto Mining Firm Core Scientific Will Boost Mining Power by 75 Mega Watts

After the ASIC servers become fully operational, the Nasdaq-listed Bitcoin miner will expect to make $50 million annually....
Server Racks on Data Center
Photo by Brett Sayles

After the ASIC servers become fully operational, the Nasdaq-listed Bitcoin miner will expect to make $50 million annually.

Core Scientific, a US Bitcoin ( BitcoinTC) miner has signed a new colocation arrangement to increase its data center hosting capacities by 75 megawatts. This is a sign of Core Scientific’s commitment to improving its infrastructure capabilities in the midst the current bear market.

Core Scientific announced Tuesday that the new agreement will bring in approximately $50 million annually once the ASICs have been fully deployed. Prepayments are included in the agreement, which will enable Core Scientific to expand its infrastructure to accommodate additional servers.

The deployment of additional ASICs will begin in the third quarter. Full deployment is scheduled for the end of 2011.

Core Scientific CEO Mike Levitt stated that Core Scientific is still focused on its 2022 plans to increase our capacity, support the Bitcoin Network’s continued growth, and create value for all stakeholders despite current market difficulties.

Core Scientific has been struggling in recent months, despite posting impressive fiscal 2021 results amid a strong Bitcoin bullish market. Core Scientific was forced to sell 7,202 BTC worth approximately $167 million in June to continue funding operations.

Core Scientific currently holds 8,497 BTC, which is worth approximately $177.2 Million at current prices, according Bitcoin Treasuries. MicroStrategy is the only publicly traded company with more BTC in their balance sheets. Tesla is the other.

Tesla is the electric vehicle manufacturer that sold 936 million USD worth of Bitcoin in the second quarter. This netted them $64 million in profits.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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