- Earned 906 self-mined bitcoin and our customers earned an
estimated 309 bitcoin at our data centers in March for a first
quarter total of 2,825 self-mined bitcoin and an estimated 970
customer-earned bitcoin
- Deployed first shipment of approximately 2,500 S21 miners from
previously announced order
- Expanded owned operational infrastructure to 745 megawatts
- Operated approximately 224,000 owned and hosted bitcoin miners
for a total energized hash rate of 25.6 exahash as of March 31,
2024
- Delivered 16 megawatts of infrastructure for high-performance
computing client more than 30 days ahead of schedule
Core Scientific, Inc. (Nasdaq: CORZ) ("Core
Scientific" or “the Company”), a leader in bitcoin mining and
application-specific digital infrastructure for emerging high-value
compute, today released unaudited production and operations updates
for March 2024.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240405676572/en/
Core Scientific is a leader in bitcoin
mining and application-specific digital infrastructure for emerging
high-value compute (Graphic: Business Wire)
“In the last full month before the halving, Core Scientific set
the pace once again, earning more bitcoin than any other publicly
listed miner in North America, and expanding our owned
infrastructure to 745 megawatts,” said Adam Sullivan, Core
Scientific’s Chief Executive Officer. “We expanded our energized
self-mining hash rate in March to 19.3 exahash on our way to
achieving our goal of 21.8 exahash by the end of 2024. This hash
rate expansion resulted from deploying our first shipment of S21
bitcoin miners while relocating the prior generation miners they
replaced to sites where they can operate more efficiently.”
“In support of our high-performance computing client, our Austin
team has made outstanding progress by delivering the initial 16MW
phase of infrastructure more than 30 days ahead of schedule, paving
the way for our client to begin deploying their GPUs,” Mr. Sullivan
added. “Across our business, Core Scientific is delivering results
as we continue to execute on our plans and create shareholder
value.”
Key Metrics Summary (unaudited)
Metric
March 2024
February 2024
January 2024
First Qtr. 2024
Self-Mining Bitcoin Earned1
906
893
1,027
2,825
Hosting Bitcoin Earned by
Customers2
309
307
354
970
Average Self-Mined Bitcoin
Earned/Day
29.2
30.8
33.1
31.7
Self-Mining Energized Hash
rate3
19.3
18.9
18.6
-
Hosting Energized Hash rate4
6.2
6.2
6.2
-
Total Energized Hash rate
25.6
25.1
24.8
-
Bitcoin Sold
981
952
1,114
2,888
Bitcoin Sales Proceeds ($USD)
Appx. $66.3 million
Appx. $46.7 million
Appx. $47.8 million
Appx. $160.8 million
Average Self-Mining Fleet Efficiency
(J/TH)5
26.85
26.79
26.44
-
___________________________ 1 Self-Mining Bitcoin
Earned represents bitcoin rewards earned by bitcoin miners
owned and operated by Core Scientific 2 Hosting Bitcoin
Earned represents estimated bitcoin rewards earned by
customer-owned miners installed and operated by Core Scientific in
our data centers, including bitcoin rewards earned by customers and
paid to the Company pursuant to proceeds sharing agreements 3
Self-Mining Energized Hash Rate represents the total rated
capacity of all Company-owned bitcoin miners installed and
operating in Core Scientific’s data centers 4 Hosting Energized
Hash Rate represents the total rated capacity of all hosted
bitcoin miners owned by customers, installed and operated by Core
Scientific in our data centers 5 Average Self-Mining Fleet
Efficiency (J/TH) represents the weighted average power
consumption in Joules per terahash based on the actual efficiency
of each model of miner operating in Core Scientific’s owned
self-mining fleet
Data Centers
As of month-end, the Company operated approximately 224,000
bitcoin miners in our data centers for both self-mining and
hosting, representing a total energized hash rate of 25.6 EH/s at
its data centers in Georgia, Kentucky, North Carolina, North Dakota
and Texas.
Self-Mining
Core Scientific earned 906 bitcoin in March from its owned fleet
of miners. As of month end, the Company operated approximately
173,000 owned bitcoin miners, representing approximately 77% of the
bitcoin miners operating in its data centers and a total energized
hash rate of 19.3 EH/s.
Hosting Services
In addition to its self-mining fleet, Core Scientific provided
data center hosting services, technology and operating support for
approximately 51,000 hosted, customer-owned bitcoin miners,
representing approximately 23% of the bitcoin miners operating in
the Company’s data centers as of March 31, 2024. Customer-owned
bitcoin miners earned an estimated 309 bitcoin in March, including
bitcoin rewards paid to the Company pursuant to proceeds sharing
agreements.
Grid Support
The Company reduced the consumption of power at its data centers
on several occasions in March, delivering 6,063 megawatt hours to
local grid partners. By supporting the grid in such a fashion, Core
Scientific helps grid operators keep power flowing to their
customers when temperatures rise and air conditioning use
increases, and when temperatures drop and heating use increases.
Core Scientific works with utility companies and the communities in
which it operates to enhance electrical grid stability.
New Miner Deployments
The Company received and deployed approximately 2,500 new
Bitmain S21 miners at the end of March, the first delivery of the
2.5 EH/s order announced previously. The Company expects to receive
and deploy the remaining S21s from this order by the end of April
2024. The prior generation miners replaced by the new S21s were
relocated to Core Scientific’s Calvert City, KY data center and its
Pecos, TX data center, where 21MW of new infrastructure has been
energized, increasing the Company’s total owned operational
infrastructure to 745 MW.
ABOUT CORE SCIENTIFIC
Core Scientific is one of the largest bitcoin miners and hosting
solutions providers for bitcoin mining in North America.
Transforming energy into high value compute with superior
efficiency at scale, we employ our own large fleet of computers
(“miners”) to earn bitcoin for our own account and provide hosting
services for large bitcoin mining customers at our seven
operational data centers in Georgia (2), Kentucky (1), North
Carolina (1), North Dakota (1) and Texas (2). We derive the
majority of our revenue from earning bitcoin for our own account
(“self-mining”). To learn more, visit www.corescientific.com
FORWARD LOOKING STATEMENTS AND EXPLANATORY NOTES
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding projections, estimates and forecasts of
revenue and other financial and performance metrics, projections of
market opportunity and expectations, the Company’s ability to scale
and grow its business, source clean and renewable energy, the
advantages and expected growth of the Company and the Company’s
ability to source and retain talent. You can identify
forward-looking statements by the fact that they do not relate
strictly to historical or current facts. These statements may
include words such as “aim,” “estimate,” “plan,” “project,”
“forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,”
“believe,” “seek,” “target” or other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. All forward looking statements
are subject to risks and uncertainties that may cause actual
results to differ materially, including: our ability to earn
digital assets profitably and to attract customers for our hosting
capabilities; our ability to maintain our competitive position as
digital asset networks experience increases in total network hash
rate; our ability to raise additional capital to continue our
expansion efforts or other operations; our need for significant
electric power and the limited availability of power resources; the
potential failure in our critical systems, facilities or services
we provide; the physical risks and regulatory changes relating to
climate change; potential significant changes to the method of
validating blockchain transactions; our vulnerability to physical
security breaches, which could disrupt our operations; a potential
slowdown in market and economic conditions, particularly those
impacting the blockchain industry and the blockchain hosting
market; the identification of material weaknesses in our internal
control over financial reporting; price volatility of digital
assets and bitcoin in particular; the “halving” of rewards
available on the Bitcoin network, or the reduction of rewards on
other networks, affecting our ability to generate revenue as our
customers may not have an adequate incentive to continue mining and
customers may cease mining operations altogether; the potential
that insufficient awards from digital asset mining could
disincentivize transaction processors from expending processing
power on a particular network, which could negatively impact the
utility of the network and further reduce the value of its digital
assets; the requirements of our existing debt agreements for us to
sell our digital assets earned from mining as they are received,
preventing us from recognizing any gain from appreciation in the
value of the digital assets we hold; potential changes in the
interpretive positions of the SEC or its staff with respect to
digital asset mining firms; the increasing likelihood that U.S.
federal and state legislatures and regulatory agencies will enact
laws and regulations to regulate digital assets and digital asset
intermediaries; increasing scrutiny and changing expectations with
respect to our ESG policies; the effectiveness of our compliance
and risk management methods; the adequacy of our sources of
recovery if the digital assets held by us are lost, stolen or
destroyed due to third-party digital asset services; the effects of
our emergence from bankruptcy on our financial results, business
and business relationships; and our substantial level of
indebtedness and our current liquidity constraints affecting our
financial condition and ability to service our indebtedness. Any
such forward-looking statements represent management’s estimates
and beliefs as of the date of this press release. While we may
elect to update such forward-looking statements at some point in
the future, we disclaim any obligation to do so, even if subsequent
events cause our views to change.
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version on businesswire.com: https://www.businesswire.com/news/home/20240405676572/en/
Investors: ir@corescientific.com
Media: press@corescientific.com
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