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.
