It is possible that shortly, China will force to cede its leadership status in the mining industry in favor of North America. The purchase of Core Scientific of more than 17,000 mining machines loudly announced the company’s big ambitions and its readiness to enter the mining race. Will Core Scientific become a new powerful mining center?
Core Scientific has bought more than 17,500 mining machines
The news of the signing of an agreement between Core Scientific and Bitmain, a leading manufacturer of mining equipment, became an unprecedented event in the crypto space. According to the agreement, Core Scientific bought more than 17,500 Antminer machines, it is an absolute record in the history of signing transactions for the purchase and sale of mining machines. This equipment is the latest innovative development of Bitmain and is popularized as a solution for the most efficient Bitcoin mining with minimal energy consumption.
This major deal could become a driver for the further development of the mining industry, which was in decline due to the March crisis. Many miners were forced to suspend their business, as a result, the demand for mining equipment fell sharply. The crisis was not spared even by large companies producing mining machines in particular Riot Blockchain said that it suffers large losses from a drop in sales any day it may finally close.
Crypto mining in Northern America is gaining momentum
North America may become a major player in the crypto mining market shortly, and China can directly help in this. Recently, Chinese regulators have been actively raising the issue of the impact of mining equipment on the country’s environmental situation. The restriction on Bitcoin mining in China may be a green signal to intensify mining in North America and other regions of the world.
Russell Cann, a spokesman for Core Scientific, commented on this agreement with Bitmain:
“Our decision to purchase mining equipment was made based on the growing interest in the crypto industry. In particular, we want to be useful for large investors and other market participants.“
Core Scientific allocated more than 600 square feet of space for mining equipment. Under the agreement, equipment will be delivered to North America in September. The company also announced a decision to minimize costs and the negative impact of mining machines on the environment through the use of renewable energy sources.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.