- Earned 803 self-mined bitcoin for a total of 3,628 bitcoin
year-to-date, and our customers earned an estimated 265 bitcoin at
our data centers in April
- Completed deployment of 2.5 EH/s of S21 miners from previously
announced order
- Operated approximately 224,000 owned and hosted bitcoin miners
for a total energized hash rate of 26.7 exahash as of April 30,
2024
Core Scientific, Inc. (Nasdaq: CORZ) (“Core
Scientific” or “the Company”), a leader in bitcoin mining,
specializing in application-specific digital infrastructure for
emerging high-value compute, today released unaudited production
and operations updates for April 2024.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240506958250/en/
Core Scientific is a leader in bitcoin
mining, specializing in application specific digital
infrastructure. (Photo: Business Wire)
“We surpassed 20 exahash of energized self-mining hash rate in
April after completing the planned deployment of S21 miners and
temporarily energizing prior generation miners at data centers
where they can operate profitably,” said Adam Sullivan, Core
Scientific’s Chief Executive Officer. “Strong cash generation
enabled us to pay off $19 million in debt associated with
mechanics’ liens and begin completion of 72 megawatts of partially
built infrastructure at our Denton, Texas data center. This
expansion is part of our multi-year growth plan to add 372
megawatts of new infrastructure, which represents more than 20
exahash of new hash rate.”
“With the halving behind us, we continue to focus on increasing
productivity and efficiency, improving our average miner energy
efficiency to 25.8 joules per terahash. We are also in active
discussion with potential hosting clients regarding our
high-performance compute offering and believe that our unique
business model can enhance our revenue and growth potential,
thereby increasing shareholder value,” Mr. Sullivan added.
Key Metrics Summary (unaudited)
Metric
April 2024
March 2024
Self-Mining Bitcoin Earned1
803
906
Hosting Bitcoin Earned by
Customers2
265
309
Average Self-Mined Bitcoin
Earned/Day
26.8
29.2
Self-Mining Energized Hash
rate3
20.4
19.3
Hosting Energized Hash rate4
6.3
6.2
Total Energized Hash rate
26.7
25.6
Bitcoin Sold5
847
981
Bitcoin Sales Proceeds ($USD)
Appx. $55.8 million
Appx. $66.3 million
Average Self-Mining Fleet Efficiency
(J/TH)6
25.78
26.85
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 26.7 EH/s at
its seven data centers in Georgia, Kentucky, North Carolina, North
Dakota and Texas.
Self-Mining
Core Scientific earned 803 bitcoin in April 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 20.4 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 April 30, 2024. Customer-owned
bitcoin miners earned an estimated 265 bitcoin in April, 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 April, delivering 9,842 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 completed the deployment of its new Bitmain S21
miners with total rated hash rate of 2.5 EH/s in April. Prior
generation miners replaced by the new S21s are now operating at
Core Scientific’s Calvert City, KY and Pecos, TX data centers. A
change in mining economics may result in these prior generation
miners being removed and stored, thereby decreasing the Company’s
total operational infrastructure and hash rate.
Upcoming Events and Conferences
First quarter fiscal year 2024 earnings release, conference call
and webcast May 8, 2024 at 3:30 pm CDT
19th Annual Needham Technology, Media and Consumer Conference
Thursday, May 16, 2024
B. Riley Securities 24th Annual Institutional Investor
Conference May 22-23, 2024
Consensus 2024, booth 1621 May 29-31, 2024
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.
Please follow us on:
https://www.linkedin.com/company/corescientific/
https://twitter.com/core_scientific
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. Includes previous generation miners
removed to accommodate new miners and then re-deployed
opportunistically to exploit favorable mining economics. 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 Bitcoin
Sold represents all bitcoin sold by the Company during the
period, including self-mined and proceeds sharing rewards. For the
first calendar quarter 2024, the correct total bitcoin sold was
3,047. 6 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240506958250/en/
Investors: ir@corescientific.com
Media: press@corescientific.com
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