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Core Scientific And LM Funding Scale Up With 900 New Mining Machines

Key Points:

Core Scientific to add 900 mining machines for LM Funding America.
LM Funding will expand device network to operate 4,600 mining machines with 470 petahashes of mining capacity.
Core Scientific operates about 213,000 miners with 22.3 exahashes of mining capacity and filed for bankruptcy in December 2022.

According to a press release from LM Funding America on April 12, Core Scientific, a company specializing in blockchain infrastructure and cryptocurrency mining, is set to add 900 new mining machines for LM Funding America.

This latest addition will bring the total number of mining machines hosted by Core Scientific on behalf of LM Funding America to 3,900, with 400 petahashes of mining capacity.

With the new mining machines, LM Funding America will have a total of 4,600 mining machines and will see its mining capacity increase to 470 petahashes. While LM Funding America did not state where its other mining machines are located, it is evident that the addition of the new devices will significantly boost its mining capabilities.

According to Core Scientific’s February 2023 production and operations updates, the company operated around 213,000 mining machines, with a total mining capacity of 22.3 exahashes (or 22,300 petahashes). This figure includes both Core Scientific’s own mining machines and colocated devices operated on behalf of other companies.

Once the additional LM Funding America mining machines are online, they will seemingly account for approximately 1.8% of CS’s hashpower and device count.

Despite being a major player in the cryptocurrency mining industry, Core Scientific has experienced financial difficulties, having filed for bankruptcy with at least $1 billion in liabilities in December 2022. However, the company continues to operate despite these challenges.

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Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.