Core Scientific recently announced that it had executed a purchase agreement with Bitmain Technologies Limited. In a push to proliferate its market share, the company now owns more than 76,000 Bitmain S19 Antiminers. Core Scientific is labeled as the largest miner hosting provider in North America.
About The Latest Purchase Agreement
Through the agreement, Core Scientific will receive over 58,000 additional S19 and S19 Pro Antminers through September 2021. They signed this agreement in response to the growing demand for Core Scientific’s hosting services.
Core Scientific now owns 76,024 S19 and S19 Pro Antminers, following the purchase agreement. It will elevate Core Scientific’s status as the biggest North American provider of hosting services. The expansion signals its growing strength in this emerging market. It is now the biggest mining provider outside China.
North America’s Growing Attractiveness
While China still leads when it comes to blockchain mining, the popularity of North America has been growing. The reasons for this are a mature rule of law, stable property rights, a stable regulatory landscape, independent judiciaries, and competitive energy pricing. All of these reasons have come together to make the continent a leading destination for institutional investors who want to take part in digital asset mining.
The partnership between Bitmain and Core Scientifics will combine the expertise of Core Scientific in the management of large high-performance computing facilities, with the technology being developed by Bitmain. It will ensure that North America will become a leading hub for blockchain mining.
The S19 Antminer, which is Bitmain’s latest mining rig, is enabling Core Scientific to achieve its goal of expanding its operations. With the new rigs, Core Scientific will now have a combined computation power of 7.26 exahash. It will also bring its total electricity consumption to around 250mW.
Besides the recent purchase agreement, Core Scientific and Bitmain have been working to deepen ties in other areas as well. For instance, Core Scientific was recently named as the only cooperative and in-warranty repair center for Bitmain in North America.
According to the CEO and President of Core Scientific, Kevin Turner, they had witnessed a growing demand for their services from new and existing customers. The CEO also noted that there had been a significant increase in institutional demand in North America. He added,
“I am very pleased to note that over 17,000 of Bitmain’s new-gen digital mining machines have been stable and operating efficiently within Core Scientific’s facilities. This is instrumental as we compete head-on for global hash rate and solidify our position as the largest hosting provider in North America.”
Commenting on the agreement, Irene Gao, the Sales Director of the NCSA Region at Bitmain said that they were honored to be part of Core Scientific’s journey to grow the crypto mining sector in North America. Gao added that
“Our S19 Antminer machines have demonstrated the ability to securely and efficiently mine for digital assets, and we are confident that our machines will be able to provide exceedingly stable operations for Core Scientific.”
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