A startup called Core Scientific announced this week that it has raised $23 million to expand its cryptocurrency mining operations. The company, based in Bellevue, Wash., is already running crypto mines in North Carolina, Georgia, and Kentucky, and plans to open more before long.
It’s not hard to understand why. Right now, a single Bitcoin—the digital mining equivalent of a gold nugget—is worth around $20,000. Mining a single Bitcoin block brings a reward of 6.25 of them, or about $125,000.
If Core Scientific’s mining ventures are successful, the company will not just make a lot of money. It will also help to repatriate crypto production to the United States, where Bitcoin got its start.
The recent resurgence in crypto mining feels like a good-news story. Mining companies like Core Scientific are in a position to make money and create jobs in rural areas, while also ensuring more Bitcoin—which is becoming … Read More