Earned 358 Self-Mined Bitcoin for a Total of
5,275 Bitcoin Year-to-Date and Our Customers Earned an Estimated 90
Bitcoin at Our Data Centers in August
Core Scientific, Inc. (Nasdaq: CORZ) ("Core
Scientific" or “the Company”), a leader in digital infrastructure
for bitcoin mining and high-performance computing, today released
unaudited production and operations updates for August 2024.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240905003243/en/
Core Scientific (Nasdaq: CORZ) is a
leader in digital infrastructure for bitcoin mining and
high-performance computing. (Photo: Business Wire)
“Our team has been very busy preparing some of our sites for
modification to support our HPC hosting contracts and optimizing
operations at our bitcoin mining sites,” said Adam Sullivan, Core
Scientific’s Chief Executive Officer. “We have removed bitcoin
mining infrastructure from two of our existing facilities in
preparation for selective interior demolition and have redeployed
the miners removed from those facilities to our bitcoin mining
sites. The sequential decline in self-mined bitcoins earned
resulted from a combination of miners migrating to their new data
centers and continued growth in global network hash rate and
difficulty.”
“A great deal of work lies ahead as we focus on delivering 382
contracted megawatts of infrastructure for HPC through 2026 and aim
to secure additional sites for new clients this year. Our team is
engaged, aligned and excited about Core Scientific’s future.”
Key Metrics Summary (unaudited)
Metric
August 2024
July 2024
Self-Mining Bitcoin Earned1
358
411
Hosting Bitcoin Earned by
Customers2
90
110
Average Self-Mined Bitcoin
Earned/Day
11.6
13.3
Digital Asset Self-Mining Energized
Hash rate3
20.5
20.1
Digital Asset Hosting Energized Hash
rate4
4.9
5.2
Total Energized Hash rate
25.4
25.3
Bitcoin Sold5
375
401
Bitcoin Sales Proceeds ($USD)
Appx. $22.5 million
Appx. $25.2 million
Average Self-Mining Fleet Efficiency
(J/TH)6
24.8
24.7
Data Centers
As of month-end, the Company operated approximately 214,000
bitcoin miners for both self-mining and hosting, representing a
total energized hash rate of 25.4 EH/s at its bitcoin mining data
centers.
Digital Asset Self-Mining
Core Scientific earned 358 bitcoin in August from its owned
fleet of miners. As of month end, the Company operated
approximately 175,000 owned bitcoin miners, representing
approximately 82% of the bitcoin miners operating in its data
centers and a total energized hash rate of 20.5 EH/s.
Hosting Services for Bitcoin Mining
In addition to its self-mining fleet, Core Scientific provided
data center hosting services, technology and operating support for
approximately 39,000 hosted, customer-owned bitcoin miners,
representing approximately 18% of the bitcoin miners operating in
the Company’s data centers as of August 31, 2024. Customer-owned
bitcoin miners earned an estimated 90 bitcoin in August, 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 multiple occasions, delivering 58,733 megawatt hours to local
electrical grids. The most frequent causes of power consumption
reductions in August related to over-temperature events, economic
curtailments and load response.
Upcoming Events and Conferences
H.C. Wainwright 26th Annual Global Investment Conference,
September 10-11, 2024
ABOUT CORE SCIENTIFIC
Core Scientific is a leader in digital infrastructure for
bitcoin mining and high-performance computing. We operate
dedicated, purpose-built facilities for digital asset mining and
are a premier provider of digital infrastructure, software
solutions and services to our third-party customers. We employ our
own large fleet of computers (“miners”) to earn bitcoin for our own
account and provide hosting services for large bitcoin mining and
high-performance computing customers at our eight operational data
centers in Georgia (2), Kentucky (1), North Carolina (1), North
Dakota (1) and Texas (3). 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 businesses, implement its business strategy, source
necessary electrical 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 current
and future expected hosting infrastructure; our ability to maintain
our competitive position in our businesses; 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 artificial
intelligence, high value computing, 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” and other reduction of rewards available on the Bitcoin
network, , affecting our ability to generate revenue; 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;; 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;; and our 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://X.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. 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/20240905003243/en/
Investors:
ir@corescientific.com
Media:
press@corescientific.com
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