Core Scientific went bankrupt after selling the city of Denton, Texas on a crypto mine that doubled its energy footprint. Now, emerging from bankruptcy, the company has convinced the city to support its even larger AI supercomputer.
Core Scientific went bankrupt after selling the city of Denton , Texas on a local crypto mine that doubled its energy footprint. Now, emerging from bankruptcy, the company has convinced the city to support its even larger AI supercomputer., one of the world’s largest bitcoin miners offered a lifeline to the town of Denton , Texas , a community burdened with tens of millions of dollars in debt. The miner, Core Scientific , wanted to build a data center in the city.
The Austin-based company was founded in 2017 by Aber Whitcomb, who previously cofounded Myspace, along with Darin Feinstein and CEO Mike Levitt. Over the following years, it opened a number of facilities across the southern U.S. In 2023, after filing for bankruptcy, it received a$95 million in third quarter revenue and $415 million in revenue for the year. It currently operates nine data centers in Alabama, Georgia, Kentucky, North Carolina, North Dakota and Texas.
Core Scientific was drawn to Denton because of its abundance of electricity and cheap real estate. At the time, the city’s local power utility, Denton Municipal Electric , had recently incurredduring a historic winter storm in 2021 that caused energy costs to skyrocket.
AI data centers, which typically run continuously, have yet to show the same willingness to halt processing voluntarily if local electricity demands surgethe project will create “an estimated 300 full-time, on-site positions, and over 200 independent jobs from entities that would support the operation.” Core Scientific spokesperson Bristol Jones toldthat “actual hiring plans have not been finalized but we believe most of the jobs created will be filled locally.
Denton Texas Ai Supercomputer Power ERCOT Coreweave Crypto Mine Gpus
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