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Bitcoin Miner Core Scientific Signs 75MW Hosting Deal
Once all the ASIC servers are fully deployed, the agreement is seen generating about $50 million in annual revenue, said the company.
Core Scientific (CORZ) – the largest bitcoin (BTC) miner by hashrate, or total computing power – signed a new deal with an undisclosed party to host 75 megawatts' worth of mining rigs.
As part of the agreement, Core is getting prepayments that will fund the additional infrastructure needed to host the miners, the company said in a press release.
STORY CONTINUES BELOW
Hosting is a service that data centers provide to crypto miners so that customers can store their mining rigs and mine their preferred digital assets for a fee without having to build the accompanying infrastructure themselves.
Core has a blend of self-mining and hosting operations. In the first quarter, the company earned $33.2 million from its hosting business, which was about 17% of its total revenue, according to a recent presentation.
In recent months, demand for hosting crypto miners has seen an uptick as infrastructure and power supply-related delays – as well as lack of capital – have caused bottlenecks for miners who are often now finding themselves with more mining rigs than available power.
Core said the server deployments for the new hosting deal will start in the third quarter, with estimated completion expected this year. This addition will have Core operating about 325,000 rigs – self-mining and hosting – by the end of 2022.
Read more: Bitcoin Miner Core Scientific Gets $100M Equity Financing Despite Bear Market
Aoyon Ashraf
Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.
