Core Scientific CEO Adam Sullivan told Blockworks the company is gearing up its balance sheet to refresh its fleet with per-block mining rewards set to be cut in half next month.
Mining rewards are set to drop from 6.25 BTC to 3.125 BTC in late April due to a Bitcoin halving event that happens roughly every four years. The occurrence is expected to put a segment of the industry’s companies under financial stress.
At that point, Core Scientific expects to purchase machines from struggling companies in the sector unable to afford parts of their existing orders.
The company operated 222,000 bitcoin miners for self-mining and hosting — with an energized hash rate of 25.1 exahashes per second (EH/s) — as of Feb. 29.