![energy needed to mine bitcoin](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/04/energy-needed-mining-bitcoin.jpg?itok=5tFJ0JO4)
As Bitcoin mining expands, more energy will be required to keep data centers running. (Source: Shutterstock)
Bitcoin mining company Core Scientific Inc. announced on April 16 plans to expand its Denton, Texas, data center by 72 megawatts (MW).
The goal of the expansion program is to deliver more than 20 additional exahash of mining hash rate—a measure of how many calculations can be performed per second—at an average incremental cost of approximately $200,000/MW—less than half the cost of new construction or asset acquisition, Core said in its press release.
The company has 745 MW of operational infrastructure and owns 372 MW of partially-built infrastructure at its two Texas data centers.
The Denton data center currently operates 125 MW of bitcoin mining with total contracted power of approximately 300 MW. Core’s Pecos, Texas, data center currently operates 71 MW of bitcoin mining across two sites with total contracted power of 250 MW.
Core said the Denton project represents the beginning of a multi-year program to complete the partially built infrastructure and expand the company’s capacity by 372 MW.
Core’s CEO Adam Sullivan said owning and operating on its infrastructure allows the company to expand mining capacity, deploy upgrades to its proprietary mining technology, reallocate miners for efficiency and adapt to other forms of compute.
“By expanding our capacity while focusing on fleet efficiency and hash rate productivity, we believe we will remain positioned for success in the post-halving environment,” Sullivan said.
Recommended Reading
PE Firm Pearl to Monetize $355MM in Permian Resources Shares
2024-06-18 - Since forming through a merger in 2022, Permian Resources has reduced its stock ownership by a group of private equity backers from over 50% of the company’s outstanding shares to 16% today.
Crestwood’s Wannarka Joins EnergyNet as CFO, COO
2024-06-18 - Wannarka brings public-equity finance, investment banking and investor relations experience to the upstream A&D brokerage.
Hess Midstream Increases Class A Distribution
2024-04-24 - Hess Midstream has increased its quarterly distribution per Class A share by approximately 45% since the first quarter of 2021.
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.
Upstream, Midstream Dividends Declared in the Week of July 8, 2024
2024-07-11 - Here is a selection of upstream and midstream dividends declared in the week of July 8.