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Saturday, February 4, 2023

CoreScientific Stops Mining Rigs

A couple of weeks ago, we wrote about how the hashrate of Celsius Network was dropping dramatically. Today, it appears the problem is even worse than we thought. Core Scientific, a self-described “leading blockchain hosting provider” and the largest crypto miner in North America, has announced that it will be shutting down 37 k mining rigs it was hosting for Celsius because its “block times and difficulty curve” are no longer profitable for miners.

Core Scientific, a self-proclaimed “leading blockchain hosting provider” and the largest crypto miner in North America, shut down 37k mining rigs it was hosting for Celsius, citing the network’s “rapid block times and difficulty curve” as the reason.

CoreScientific No More Producing Celsius Rigs

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In a post on its official Medium page, Core Scientific said that it had been operating with close to 80% utilization over the past few weeks due to high demand from its customers. The company also claimed that it has been mining both Bitcoin (BTC) and Ethereum (ETH) since March 2018 when ETH was still trading at $200 – $300 range. At present time, ETH is trading around $120 dollars per coin while BTC sits around $8500 dollars per coin: the prices fluctuate significantly on a daily basis due to market volatility so this information may change at any time without notice.

In early March, Celsius gained some notoriety for a large-scale mining operation. Using the hashrate from 37,000 Antminer S9 miners to power its blockchain-based payment and lending platform, Celsius was able to produce more than 100 petahashes per second (PH/s) of computing power.

However, in the last two weeks, the cryptocurrency has seen its hashrate fall dramatically. The company’s website now shows that it is only generating just over 1.3 million H/s—a drop of more than half compared with where it was two weeks ago.

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