Bitcoin

Core Scientific Expects Power Costs To Decline In The Future

Core Scientific, the world’s largest Bitcoin miner, has hiked its charges for hosting other firms’ machines to just under 10 cents per kilowatt hour, according to CoinDesk.

It is the latest price increase for Core Scientific, which has hiked its prices by 20%-25% in recent months because of rising energy expenses. With the price of Bitcoin remaining stubbornly around $20,000, the increased expenditures make it even more difficult for miners to break even.

Core Scientific operates a hosting and mining company with 22.5 exahash/second (EH/s) processing power from its own and others in data centers around the United States. According to the most recent financial report, the corporation is losing money on hosting operations.

Since energy and natural gas prices have risen dramatically, cheap hosting has become nearly hard to acquire in the United States. Meanwhile, European miners have either shut down or relocated to the continent’s north in pursuit of inexpensive power to stay viable.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.