Core Scientific signs hosting deal worth $50 million per year

Quick Take

  • Core Scientific closed a deal to host 75 megawatts capacity worth $50 million per year.
  • The company will be able to fund the required infrastructure with prepayments.

Bitcoin miner Core Scientific closed a deal to host 75 megawatts worth of hardware capacity.

The agreement will bring in a total of $50 million per year in revenue once the miners are fully installed, the company said on Tuesday.

The machines will start being deployed in the third quarter of 2022 and installation is set to wrap up by the end of the year.

The additional 325,000 ASICs will be used for a combination of self-mining and colocation. Core Scientific did not disclose the identity of the hosting client.

The company will receive prepayments that will help fund the additional infrastructure required to host the 75 megawatts.

"This new agreement demonstrates continued customer confidence in Core Scientific’s ability to deliver best-in-class blockchain data center solutions," Core Scientific CEO Mike Levitt said.

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