Earned 314 Self-Mined Bitcoin for a Total of
6,304 Bitcoin Year-to-Date and Our Customers Earned an Estimated 29
Bitcoin at Our Data Centers in November
Core Scientific, Inc. (Nasdaq: CORZ) ("Core
Scientific" or “the Company”), a leader in digital infrastructure
for high-performance computing and bitcoin mining, today released
unaudited production and operations updates for November 2024.
Key Metrics Summary (unaudited)
Metric
November 2024
October 2024
Self-Mining Bitcoin Earned1
314
369
Hosting Bitcoin Earned by
Customers2
29
52
Average Self-Mined Bitcoin
Earned/Day
10.5
11.9
Self-Mining Energized Hash
rate3
19.3
19.7
Hosting Energized Hash rate4
1.0
2.1
Total Energized Hash rate
20.3
21.8
Bitcoin Sold5
272
370
Bitcoin Sales Proceeds ($USD)
Appx. $23.2 million
Appx. $24.2 million
Average Self-Mining Fleet Efficiency
(J/TH)6
24.8
24.8
Data Centers
As of month-end, the Company operated approximately 172,000
bitcoin miners in our data centers for both self-mining and
hosting, representing a total energized hash rate of 20.3 EH/s.
Digital Asset Self-Mining
Core Scientific earned 314 bitcoin in November from its owned
fleet of miners. As of month end, the Company operated
approximately 165,000 owned bitcoin miners, representing
approximately 96% of the bitcoin miners operating in its data
centers and a total energized hash rate of 19.3 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 7,200 hosted, customer-owned bitcoin miners,
representing approximately 4% of the bitcoin miners operating in
the Company’s data centers as of November 30, 2024. Customer-owned
bitcoin miners earned an estimated 29 bitcoin in November,
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 23,309 megawatt hours to local
electrical grids.
Infrastructure Expansion
The Company has secured approval from the Denton City Council to
expand its operations, increasing its leased land and power
allocation up to 394 MW. This expansion marks one of many others we
intend to announce as we expand our power footprint to facilitate
an additional 300 MW of critical IT load at our existing
facilities.
ABOUT CORE SCIENTIFIC
Core Scientific, Inc. is a leader in digital infrastructure for
digital assets mining and high-performance computing. We operate
dedicated, purpose-built facilities for digital asset mining and
are a premier provider of digital infrastructure to our third-party
customers. We employ our own large fleet of computers (“miners”) to
earn digital assets for our own account, we provide hosting
services for large bitcoin mining customers and we are in the
process of allocating and converting a significant portion of our
nine operational data centers in Alabama (1), Georgia (2), Kentucky
(1), North Carolina (1), North Dakota (1) and Texas (3), and our
facility in development in Oklahoma to support artificial
intelligence-related workloads under a series of contracts that
entail the modification of certain of our data centers to deliver
hosting services for high-performance computing.
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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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/20241205211821/en/
Investors: ir@corescientific.com Media:
press@corescientific.com
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