Core Scientific, Inc. February ‘24 Update -
- Operated approximately 222,000 owned and hosted bitcoin
miners
- Earned 893 self-mined bitcoin and our customers earned an
estimated 307 bitcoin in our data centers in February
- Increased self-mining hash rate by redeploying previous
generation miners
- Completed all payments due in 2024 for previously announced
miner orders
Core Scientific, Inc. (Nasdaq: CORZ, CORZW, CORZZ)
("Core Scientific" or “the Company”), a leader in bitcoin mining
and digital infrastructure for emerging high-value compute, today
released production and operations updates for February 2024.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240305231273/en/
Core Scientific designs its data centers
with heat aisles to optimize miner performance without HVAC systems
(Photo: Business Wire)
“Owning our own infrastructure provides us with strategic
flexibility to respond rapidly to dynamic market conditions,” said
Adam Sullivan, Core Scientific’s Chief Executive Officer. “For
example, we increased our self-mining hash rate by 300 petahash
largely by redeploying earlier-generation miners. These miners had
been replaced with more efficient S19j XP units in January, using
newly activated capacity. Capitalizing on strong spot bitcoin
pricing, quickly reactivating these miners boosted our hash rate
and enhances our bitcoin earnings.”
“From a capital expenditures perspective, we continue to manage
our investments carefully to ensure our ongoing financial strength.
To that end, we completed all miner payments due in 2024 for the
S19j XPs and S21s we previously announced, enabling us to focus our
remaining investments this year on new miner purchases and our
organic infrastructure growth plans,” Mr. Sullivan added.
Key Metrics Summary
Metric
February
2024
January
2024
Self-Mining Bitcoin Earned1
893
1,027
Hosting Bitcoin Earned by Customers2
307
354
Average Self-Mined Bitcoin Earned/Day
30.8
33.1
Self-Mining Energized Hash rate3
18.9
18.6
Hosting Energized Hash rate4
6.2
6.2
Total Energized Hash rate
25.1
24.8
Bitcoin Sold
952
1,114
Bitcoin Sales Proceeds ($USD)
Appx. $46.7 million
Appx. $47.8 million
Average Self-Mining Fleet Efficiency
(J/TH)5
26.79
26.44
Data Centers
As of month-end, the Company operated approximately 222,000
bitcoin miners for both self-mining and hosting, representing a
total energized hash rate of 25.1 EH/s at its data centers in
Georgia, Kentucky, North Carolina, North Dakota and Texas.
Self-Mining
Core Scientific earned 893 bitcoin in February from its owned
fleet of miners. As of month end, the Company operated
approximately 171,000 owned bitcoin miners, accounting for
approximately 77% of its total number of miners and representing a
total energized hash rate of 18.9 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 February 29. Customer-owned
bitcoin miners earned an estimated 307 bitcoin in February,
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 February, delivering 941 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
As a result of the deployment of 28,400 new S19j XP miners
procured from Bitmain under a contract announced on September 21,
2023, and completed this January, a number of prior generation
bitcoin miners were de-energized. These de-energized miners were
redeployed and re-energized using newly available capacity at two
of the Company’s data centers, contributing to an increase in
self-mining hash rate. The Company completed all payments due for
the Bitmain S19j XP miners and completed all payments due in 2024
for the additional 2.5 exahash in Bitmain S21 miners previously
announced, while also accelerating their delivery to begin in
mid-March, 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 includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements may be identified by the use of
words such as “estimate,” “plan,” “project,” “forecast,” “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. The
Company’s actual results may differ materially from those
anticipated in these forward-looking statements as a result of
certain risks and other factors, which could include, but are not
limited to, the following: risks and uncertainties relating to the
Company’s ability to achieve significant cash flows from
operations; the effects of the emergence from the Company’s chapter
11 cases on the Company’s liquidity, results of operations and
business; the trading price and volatility of the Company’s common
stock; the comparability of the Company’s post-emergence financial
results to its historical results and the projections filed with
the bankruptcy court in the Company’s chapter 11 cases; changes in
the Company’s business strategy and performance, including as a
result of changes to the Company’s board of directors or
management; the possibility that the Company may be unable to
achieve its business and strategic goals; the Company’s
post-bankruptcy capital structure; attraction and retention of key
personnel; the Company’s ability to achieve expected benefits from
restructuring activities; restrictions on the Company’s operations
contained in the agreements governing the Company’s indebtedness;
the Company’s ability to generate sufficient cash to reduce its
indebtedness and its potential need and ability to incur further
indebtedness; the impact of the halving event; actions taken by
third parties, including the Company’s creditors and other
stakeholders, as well as other risk factors set forth in the
Company’s Annual Report on Form 10-K and Quarterly Reports on Form
10-Q filed with the Securities and Exchange Commission. These
statements are provided for illustrative purposes only and are
based on various assumptions, whether or not identified in this
press release, and on the current expectations of the Company’s
management. These forward-looking statements are not intended to
serve, and must not be relied on by any investor, as a guarantee,
an assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of the Company.
These forward-looking statements are subject to a number of risks
and uncertainties, including those identified in the Company’s
reports filed with the U.S. Securities & Exchange Commission,
and if any of these risks materialize or our assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
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 hosted
customer-owned miners operated by Core Scientific, including
bitcoin rewards 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 operating
in Core Scientific’s 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˙
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240305231273/en/
Investors: ir@corescientific.com
Media: press@corescientific.com
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