With just over three days remaining until the halving, Core Scientific has announced its plans to enhance its Texas mining facility by an additional 72 megawatts. This project is scheduled for completion by the end of the second quarter of 2024. This expansion aims to augment the company’s existing hashpower capacity.
Core Scientific Plans for 72 More MW to Enhance Mining Efficiency
With the halving event fast approaching, set to occur in just about 3.5 days, bitcoin (BTC) miners are actively preparing. On Tuesday, Core Scientific, Inc. (Nasdaq: CORZ) revealed plans to expand its Denton, Texas, bitcoin mining campus by an additional 72 megawatts (MW). The company indicated that this new phase at the Denton data center marks the start of a comprehensive, multi-year effort to complete its partially constructed infrastructure and increase its capacity by 372 megawatts.
In its announcement, Core Scientific articulated that the objective of this expansion is to enhance its mining hashrate by more than 20 additional exahash at an average incremental cost of about $200,000 per megawatt. This cost is notably less than half that of new construction or asset acquisition, Core Scientific stated. The company reported that its Denton, Texas data center is currently operating at 125 MW of bitcoin mining, with a total contracted power of approximately 300 MW. Additionally, its Pecos, Texas data center operates 71 MW of BTC mining across two sites, with a total contracted power capacity of 250 MW.
“Owning and controlling all of our infrastructure with access to ready power gives us the strategic optionality to expand our mining capacity, deploy upgrades to our proprietary mining technology stack, reallocate miners to optimize for efficiency and even flex to alternative forms of compute when such opportunities arise,” Adam Sullivan, Core Scientific’s CEO remarked on Tuesday.
Sullivan added:
By expanding our capacity while focusing on fleet efficiency and hashrate productivity, we believe we will remain positioned for success in the post-halving environment.
Core shares listed on the Nasdaq are down on Tuesday by 3.71% and over the past week, CORZ has shed 11.5% against the U.S. dollar. At press time, the mining company has a market capitalization of around 478.62 million on April 16, 2024.
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