Earned 345 Self-Mined Bitcoin in September for
a Total of 5,621 Bitcoin Year-to-Date and 1,115 in the Third
Quarter; Clients Earned an Estimated 66 Bitcoin at Our Data Centers
in September
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 September 2024.
"Our outstanding team continues to advance our customer-funded
project to modify certain of our data centers to deliver nearly 400
megawatts of digital infrastructure for high-performance
computing,” said Adam Sullivan, Core Scientific’s Chief Executive
Officer. “In September, we completed the migration of all ASIC
miners from two of our bitcoin mining data centers designated for
HPC conversion. Our team is now diligently removing the associated
cabling, power distribution units, racks and other mining
infrastructure to facilitate this transformation.”
“Supporting our HPC expansion, we have commenced work on the
sub-station at our Muskogee, OK site, where we plan to construct a
state-of-the-art, 100-megawatt data center. Additionally, we are on
schedule to finalize the 100-megawatt expansion of our Pecos, TX
bitcoin mining data center. We remain committed to delivering
powered infrastructure equipped with advanced liquid cooling
systems, specifically optimized for AI GPU cloud workloads, for our
HPC customer beginning in the first half of 2025. As we execute on
our current projects, we are also focused on expanding our
infrastructure portfolio to drive long-term growth and enhance
shareholder value,” added Mr. Sullivan.
Key Metrics Summary (unaudited)
Metric
September 2024
August 2024
July 2024
Third Qtr. 2024
Self-Mining Bitcoin Earned1
345
358
411
1,115
Hosting Bitcoin Earned by
Customers2
66
90
110
266
Average Self-Mined Bitcoin
Earned/Day
11.5
11.6
13.3
12.1
Self-Mining Energized Hash
rate3
20.4
20.5
20.1
-
Hosting Energized Hash rate4
3.0
4.9
5.2
-
Total Energized Hash rate
23.4
25.4
25.3
-
Bitcoin Sold5
370
375
401
1,146
Bitcoin Sales Proceeds ($USD)
Appx. $22.2 million
Appx. $22.5 million
Appx. $25.2 million
Appx. $69.8 million
Average Self-Mining Fleet Efficiency
(J/TH)6
24.5
24.8
24.7
-
1 Self-Mining Bitcoin Earned
represents bitcoin rewards earned by bitcoin miners owned and
operated by Core Scientific
2 Hosting Bitcoin Earned by
Customers 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˙
Data Centers
As of month-end, the Company operated approximately 198,000
bitcoin miners for both self-mining and hosting in our data
centers, representing a total energized hash rate of 23.4 EH/s.
Digital Asset Self-Mining
Core Scientific earned 345 bitcoin in September from its owned
fleet of miners. As of month end, the Company operated
approximately 175,000 owned bitcoin miners, representing
approximately 89% of the bitcoin miners operating in its data
centers and a total energized hash rate of 20.4 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 22,000 hosted, customer-owned bitcoin miners,
representing approximately 11% of the bitcoin miners operating in
the Company’s data centers as of September 30, 2024. Customer-owned
bitcoin miners earned an estimated 66 bitcoin in September,
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 45,262 megawatt hours to local
electrical grids. The most frequent causes of power consumption
reductions in September related to economic curtailments,
over-temperature events and load response.
Infrastructure Expansion
Core Scientific resumed work on a substation in Muskogee, OK in
September to support a 100MW data center planned for construction
on the site.
ABOUT CORE SCIENTIFIC
Core Scientific, Inc. (“Core Scientific” or the “Company”) 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 digital assets for our own account, provide
hosting services for large bitcoin mining customers and are
allocating a significant portion of our eight operational data
centers in Georgia (2), Kentucky (1), North Carolina (1), North
Dakota (1) and Texas (3) to support Artificial Intelligence-related
workloads under a series of contracts that entail their
modification to deliver hosting services for high-performance
computing. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20241007121268/en/
Investors: ir@corescientific.com
Media: press@corescientific.com
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