BTC US$20,000 & Beyond – A New Era of Legitimacy for Digital Asset Mining

Last week, Bitcoin (BTC) reached an all-time high of over US$28,000 and is forecasted to potentially climb higher over the coming weeks and months. It’s no accident that BTC has reached this important milestone as amidst the pandemic, material macro events have occurred in rapid succession:

  • Institutional investors, like MassMutual, Paul Tudor, Ruffer Investment Company, etc. have all publicly acknowledged BTC as a viable asset class and announced portfolio allocations to it
  • Mass market payment processors, like PayPal and Square, have announced digital currency payment option integration, magnifying the retail reach by millions of daily active users
  • Regulatory bodies, including the OCC, have shifted their recommendations around digital asset regulation in 2020
  • The Wyoming Banking Board granted Kraken, a cryptocurrency company, the state’s first ever charter as a special purpose depository institution, allowing them to begin offering financial services for users of cryptocurrencies
  • Public perception of BTC has begun to change from one of risk, to a new way to hedge against fiat currency inflation

With recognizable financial institutions now delving into the digital asset space, there is an underlying thought that the industry is entering a more mature phase, with trustworthy, credible actors that are looking not only at the short-term gains, but the long-term stability of this asset class.

What does this maturity mean for digital asset mining organizations? As the method by which digital assets are generated, digital asset mining organizations need to focus on creating easy on-ramps, at scale, for institutions to gain portfolio exposure to this asset class. Core Scientific is focused on the following priorities to help customers take advantage of the evolution of BTC while helping to professionalize the space. We do this by:

  • Operating at Enterprise Scale: Managing a diverse fleet of digital asset miners with over 430 MW of capacity at our facilities, with the ability to host both ASIC and GPU miners.
  • Developing Market Beating Economics: With long-term power contracts at economic, stable rates, optimized hash rate performance, fully owned facilities, and a certified on-site warranty repair center.
  • Delivering White Glove Customer Service: With fully managed logistics at scale, we can deploy up to 1,000 machines per day per site.
  • Building our Business for Today & Tomorrow: With our tenured management team and annual E&Y audits that help to ensure long-term, stable operations and corporate structure.
  • Fostering Partnerships: With top global pools that allow our hosting clients to reduce orphan blocks and rejection rates – earning our clients better economic outcomes.
  • Focusing on Security: 24/7 guard coverage, closed circuit camera monitoring, fully fenced sites, and strictly controlled site visitation.

As digital assets become an accepted asset class by institutions and the masses, it is paramount that digital asset mining organizations lead the charge in developing turn-key solutions, so investors and clients can focus on their core competencies.

Are you ready to gain exposure to digital asset mining? Learn more here >