A major high flying company in the Bitcoin mining business in North America, Core Scientific, has finally sealed a deal with Bitmain. According to the official statement by the company, the deal is part of a movie to enlarge the coast of its operation base. Following the agreement, the North American firm has already purchased around 17,000 Antminer S19s. Notably, the newly bought miners are a set of the next generation of miners produced by Bitmain. Bitmain is known for its production of miners and this new miner is regarded as one of the fastest ever that consumes lesser power.
If records are anything to go by, this consignment will be the largest ever Antminer S19 to be shipped by a U.S entity. Recall that in event weeks, US and Chinese firms have been going head to head as they compete for space in the financial sector. Core Scientific has already noted that they have installed some of the new generations of ASIC miners in its data center with the rest scheduled to come in between now and September.
Core Scientific aims to explore the North American market
The North American crypto firm did not fully disclose what the value of the deal is because of contractual agreements that are binding the firm and Bitmain. It should be noted that the two firms had started to discuss the modalities before the coronavirus pandemic put the whole process on hold. As a result of the supply chain being disrupted, the shipment could not move to the North American firm’s centers. With the lockdown imposed now relaxed, Core Scientific would be hoping to make moves to carry out the shipment and install it in their five mining firms.
According to Core Scientific Chief Customer Success Officer, Russell Cann has said that the firm’s several farms in Kentucky, Georgia, and North Carolina can produce 381 MW. He stated that if the centers are operating at their topmost level they can go on to produce as much as 450 MW. According to the officer, the firm generates most of its power source from natural gas and coal boasting of a 46% carbon-free operation. With the increase of hash rate across North America, Core Scientific is making huge moves to capitalize on the growing market which is said to have so many potentials.
China still leading major countries in Bitcoin mining
Reiterating the fact that they have been closely monitoring the results, Russell Cann said, “As part of our market monitoring efforts, we are actively tracking this increased interest in growing hash rate via North American mining operations; in fact, our team’s growth is based on this.” With North America’s recent moves to displace China in the crypto mining scene, the Asian country has not backed down. China is not losing any sleep as it intends to step up its crypto game as they are on the verge of debuting a national CBDC.
Looking at factors that put china at the front of most nations in terms of crypto mining, the major one is that China is enjoying cheap and readily available electricity. China has over the years been enjoying uninterrupted power supply as a result of the hydro energy dams that were constructed across the country in the 20th century. Miners in China pay as low as $0.2 per KW for electricity to the U.S that pays $0.12 for the same amount of electricity. Looking at the energy needed to mine Bitcoin, china would obviously still have the edge over most nations.