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Core Scientific Inks 3 New Hosting Contracts Amid Bankruptcy

source-logo  coinedition.com 29 April 2023 09:55, UTC

Texas-based crypto mining firm Core Scientific Inc. has managed to secure three new hosting contracts despite being in the midst of Chapter 11 proceedings. The company announced hosting agreements with Greenidge Generation Holdings, Ault Alliance, and LM Funding to host almost 18,000 mining rigs.

According to a press release from Core Scientific, the mining firm will host 10,000 mining units for Ault Alliance, 6,914 units for Greenidge Generation Holdings, and 1,021 units for LM Funding, bringing the total mining rigs in the new hosting contracts to 17,935. The units will be hosted at the company’s facilities in Georgia, Kentucky, and Texas.

The new mining rigs will bring the Bitcoin mining firm’s total number of mining rigs to 70,000. That is excluding the 155,000 rigs that the firm uses to mine Bitcoin for itself. The new rigs represent a total spec computing power of 1.88 exahashes per second, along with 55 megawatts of data center rack space.

Core Scientific announced earlier this month that it was adding 900 mining rigs for LM Funding, which brought the total machines operated on behalf of LM to 3,900. 3,000 rigs for Ault Alliance are already set up and running. 7,000 additional Ault Alliance units and 6,914 Greenidge units will all be online and hashing in May.

“The signing of these agreements are illustrative of Core Scientific’s industry leading hosting and mining capabilities and the strong demand for our services within our world class mining facilities,” said Russell Cann, Head of Mining at Core Scientific.

News of the latest hosting contracts led to a considerable surge in the price of the company’s stock (CORZQ). The share price rose by more than 7%, reaching as high as $0.41.