Core Scientific Boosts Bitcoin Mining Capacity in Texas Ahead of Halving

Core Scientific, a leading public bitcoin mining company recognized for its substantial hashrate, is embarking on an expansion to enhance its power capacity by an additional 72 megawatts (MW) in Texas. This strategic move comes as the bitcoin community anticipates the halving event, which will reduce the reward for mining new blocks, according to TheMinerMag.

The firm announced on Tuesday its plan to complete the upgrade at its Denton, Texas facility by June this year, with an investment of around $200,000 per MW. Core Scientific operates across multiple states, with a significant presence in North Dakota, Kentucky, North Carolina, Georgia, and Texas, boasting an operational capacity of 196 MW in Denton and Pecos, Texas alone.

The expansion had been on hold due to Core Scientific’s Chapter 11 proceedings initiated in late 2022. The proceedings have since concluded, allowing the company to resume its growth plans amidst an increasingly competitive industry. 2023 saw a dip in Core Scientific’s market share as rivals accelerated their equipment deployment.

Facing the imminent halving, which will slash the hashprice — the revenue generated per unit of computational power — by half, Core Scientific is gearing up to solidify its market position. The completion of the entire 372 MW expansion, with an estimated cost of $75 million, could potentially power an extra 20 EH/s of hashrate. Details on how Core Scientific will acquire the necessary mining equipment for this scale-up remain to be disclosed.

In March, Core Scientific reported mining more bitcoin than any of its publicly traded competitors, yielding 906 BTC with a realized hashrate of 18.2 EH/s.