Core Scientific, a leading technology company, has announced plans to invest $6.1 billion in converting its Denton bitcoin mining site into an AI data center. This move is expected to generate approximately $194 million in property tax revenue over the next decade, according to reports from The Dallas Morning News.
As part of this project, Core Scientific will cover all costs associated with the electrical interconnection infrastructure. While they did not seek any tax incentives from the City of Denton for this development, they have applied for incentives and abatements from the State of Texas.
The expansion is projected to create around 300 full-time jobs on-site and over 200 independent positions. With access to 394MW of power at their disposal, Core Scientific aims to maximize efficiency and productivity at their new data center.
This facility was originally opened as a Bitcoin mining site three years ago by Core Scientific – marking their first venture into Texas’ market. Currently operating nine data centers across six states including Alabama, Georgia,Kentucky,North Carolina,North Dakota,and Texas,the company continues its rapid growth within the industry.
In summary:
Core Scientific has announced plans worth $6.1 billion for converting its Denton bitcoin mining site into an AI data center which could bring about significant economic benefits such as generating approximately $194 million in property taxes over ten years.
The company will bear all expenses related with electrical interconnection infrastructure without seeking any tax exemptions or rebates from City authorities but it has approached state government officials regarding possible incentives.
With estimated creation of more than five hundred jobs (300 full time onsite +200 independent) along with access up-to 394 MW power supply;the proposed expansion marks another milestone after opening first Bitcoin Mining Facility three years back by Company’s management team.The firm currently operates nine Data Centers spread across six different states namely Alabama ,Georgia ,Kentucky ,North Carolina North Dakota &Texas .
