US mining firm Core Scientific has signed a deal with Chinese Bitcoin Mining Hardware specialist Bitmain to purchase 17,600 mining rigs.
It’s believed that deal is the biggest acquisition of S19 Bitcoin miners by a single Bitcoin mining company.
The deal will see Bitmain’s latest mining rigs: the Antminer S19 and S19 Pro range shipped to the US, in a deal believed to be worth around $42 million.
Washington-based Core Scientific said that the acquisition was on behalf of its institutional clients and for its personal use.
Speaking of the deal, Core Scientific chief government officer, Kevin Turner said, ‘Core Scientific has acquired and begun testing the primary of Bitmain’s latest ASIC miners, and has seen materials success in rising present hashrate to attain a 110 TH/s ± 3%.’
Core Scientific Aiming To Compete In Bitcoin Mining Industry
The deal will see Core Scientific become one of the most competitive mining firms. The Antminer 19 collection makes use of the most recent era of SHA256 ASICs from Bitmain, making it even more energy-efficient than previous Antminers.
The Antminer S19 range is Bitmain’s newest and most powerful Bitcoin miner. The Application-Specific Integrated Circuit (ASIC) machines are built specifically to mine Bitcoin, and can generate the most hashrate than any other mining rig.
At 95 TH/s, and using 37.5 joules per terahash (J/TH) the Antminer S19 generates as much as $3.03 per day. Whereas the S19 Pro has a hashrate of up to 110 TH/s and uses 29.5 J/TH can generate an expected $4.12 per day, both based on the average electricity price of $0.05 per kilowatt-hour (KWh).
US Becoming The Bitcoin Mining Industry HQ
This move by Core Scientific is typical of the spending and investing in the Bitcoin mining space in the US, as we see more hashrate slip from China to the US.
Earlier this year, German mining giant Northern Bitcoin announced that they were to build the biggest mining farm in the world after merging with American competitor Whinstone.
The new mining farm, which is underway, will have the capacity of one gigawatt and will be built on a 100-acre plot in Texas.
And Peter Thiel-backed Layer1 announced their intention to compete for mining Bitcoin after securing a $50m Series A investment.
The San Francisco-based firm’s mining farm is already mining Bitcoin, and at the time the CEO Alexander Leigel said the mining giant intended to capture at least 30% of the whole Bitcoin hashrate by the end of next year.
Bitcoin Mining HashWar Is Ramping Up
Core Scientific has just penned one of the biggest deals in the Bitcoin mining industry.
The deal will see 17,600 brand new S19 and S19 Pro Bitcoin mining rigs deployed to the US to make the mining firm one of the most competitive in the industry.
Added with all the recent huge investments from some serious investors, we're beginning to see a lot of the hashrate drip from China to the US.
It’s bullish for the US Bitcoin mining industry, but not only that: it’s bullish for the Bitcoin mining space.
Hundreds of millions has been invested this year alone. Because of the demand, no solo miner can get their hands on Bitmain’s new Antminers. And it's clear this investment is ramping up for only one reason: because Bitcoin and Bitcoin mining has huge potential.
Author: Tommy Limpitlaw