Core Scientific intends to buy the equipment of problematic miners after halving
Core Scientific has announced plans to buy equipment from companies experiencing difficulties amid halving. The Bitcoin miner expects to improve its position in the market.
Bitcoin miner Core Sceintific has announced plans to purchase equipment from companies that will face difficulties after halving bitcoin, Blockworks writes. According to preliminary data, the remuneration will be halved in the second half of April 2024.
Adam Sullivan, CEO of the company, stressed that halving is a good opportunity to purchase mining rigs at a bargain price. Companies that face operational problems will be forced to sell off equipment, the CEO noted.
According to him, Core Scientific is currently accumulating funds on its balance sheet for the future purchase of equipment. Sullivan notes that now the prices for mining rigs are too high, but after halving the situation will change.
"This is exactly the same scenario as last time. People have over-committed, and as a result they will have to sell off some of their orders. We expect this to happen again," the head of the company said.
The CEO of Core Scientific also noted that the company is not yet considering the possibility of acquiring new data centers or enterprises. The bitcoin miner aims to increase the capacity for mining cryptocurrencies based on its own facilities, as well as to increase the energy efficiency of equipment.
In addition, the firm is working to further reduce the debt burden and increase the value of shares. The head of Core Scientific said that the company intends to reach a price of $6.81 in order, according to the reorganization plan, to unlock access to $670 million.
