Amid bankruptcy, Core Scientific (CORZQ) signs BTC mining hosting deals for 18,000 machines

Core Scientific (CORZQ) has signed deals with three firms to operate nearly 18,000 bitcoin mining rigs as it negotiates its way through Chapter 11 bankruptcy, a press release said Friday.

The contracts are the latest indication that Hashrate’s largest publicly traded miner’s prospects may be improving after it filed for bankruptcy in December 2022. Its financial position had improved significantly.

Core Scientific will host 6,914 mining rigs for Greenidge Generation Holdings (GREE), 10,000 units for Ault Alliance (AULT) and 1,021 for LM Funding (LMFA). Once fully installed in May, they will bring the total number of machines the company hosts to around 70,000. That’s in addition to the 155,000 machines it uses for itself at the end of March. The contracts are a mix of variable-price and revenue-sharing deals, the company said.

Core Scientific’s over-the-counter stock is up 887% year-to-date, data from TradingView shows. The stock is now priced at $0.40.

The miner has 175 megawatts (MW) of available hosting capacity at its Denton, Texas facility and is developing an additional 915 MW in west Texas and Oklahoma.

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