Core Scientific plans to expand its Denton, Texas data center, adding 72 megawatts to reach a total of 197 MW at the facility.

The expansion is designed to increase the company's mining hash rate by over 20 exahash.

The average incremental cost of the expansion is estimated at about $200,000 per megawatt, which is cheaper than new builds or acquiring assets.

Core Scientific expects to complete the data center expansion by the end of Q2 2024.

The company is focused on growing its bitcoin mining operations and sees significant opportunities in the cryptocurrency market.

Conversion of existing bitcoin mining infrastructure to alternative compute hosting is viewed as more cost-effective and faster than new construction by Core Scientific.