Secured High-Performance Computing (HPC)
Hosting Contracts with CoreWeave for 270 MW of Infrastructure,
Representing Total Revenue Opportunity of More than $4.7 Billion
over 12-Year Terms
Earned 430 Self-Mined Bitcoin for a Total of
4,506 Bitcoin Year-to-Date and 1,680 in the Second Quarter; Clients
Earned an Estimated 110 Bitcoin at Our Data Centers in June
Completed 72 MW Expansion at Denton, TX Data
Center, Increasing Operational Infrastructure to 832 MW, and Began
Project to Complete 100 MW of Partially Built Infrastructure at
Pecos, TX Data Center
Core Scientific, Inc. (Nasdaq: CORZ) ("Core
Scientific" or “the Company”), one of the largest owners and
operators of high-powered digital infrastructure for bitcoin mining
and hosting services in North America, today released unaudited
production and operations updates for June 2024.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240705879056/en/
Core Scientific is one of the largest
owners and operators of high-powered digital infrastructure for
bitcoin mining and hosting services in North America (Photo:
Business Wire)
“In June, we secured HPC hosting contracts for a total of 270 MW
of our infrastructure, representing cumulative potential revenue of
more than $4.7 billion over the 12-year terms,” said Adam Sullivan,
Core Scientific’s Chief Executive Officer. “These agreements mark
the beginning of a significant expansion of our hosting business
and demonstrate the value of our high-power digital infrastructure.
We continue to engage with multiple potential clients on our
remaining 230 MW of infrastructure available for HPC hosting,
including our initial client, CoreWeave, which retains a
time-limited, non-exclusive option on the remaining capacity. We
also continue to evaluate site acquisition opportunities to expand
our footprint beyond the 1.2 GW of power we have currently
contracted.”
“To support our HPC hosting and bitcoin mining businesses we
completed a 72 MW expansion of our Denton, Texas data center to
house relocated bitcoin miners from data centers designated for HPC
hosting. We also improved our average self-miner energy efficiency
to 23.6 joules per terahash, supporting favorable mining economics
in this post-halving environment. By levering the talent and
experience of our expert data center team at a time when the growth
of artificial intelligence is driving unprecedented high-power data
center demand, we believe that we can maximize the value of our
digital infrastructure portfolio and create significant value for
our shareholders,” Mr. Sullivan added.
Key Metrics Summary (unaudited)
Metric
June 2024
May 2024
April 2024
Second Qtr. 2024
Self-Mining Bitcoin Earned1
430
447
803
1,680
Hosting Bitcoin Earned by
Clients2
110
128
265
503
Average Self-Mined Bitcoin
Earned/Day
14.3
14.4
26.8
18.5
Self-Mining Energized Hash
rate3
19.4
20.4
20.4
-
Hosting Energized Hash rate4
5.2
5.7
6.3
-
Total Energized Hash rate
24.6
26.1
26.7
-
Bitcoin Sold5
479
453
847
1,779
Bitcoin Sales Proceeds ($USD)
Appx. $31.6 million
Appx. $29.4 million
Appx. $55.8 million
Appx. $116.8 million
Average Self-Mining Fleet Efficiency
(J/TH)6
23.61
24.23
25.78
-
Data Centers
As of month-end, the Company operated approximately 205,000
bitcoin miners in our data centers for both self-mining and
hosting, representing a total energized hash rate of 24.6 EH/s at
its seven data centers in Georgia, Kentucky, North Carolina, North
Dakota and Texas.
Self-Mining
Core Scientific earned 430 bitcoin in June from its owned fleet
of miners. As of month end, the Company operated approximately
164,000 owned bitcoin miners, representing approximately 80% of the
bitcoin miners operating in its data centers and a total energized
hash rate of 19.4 EH/s. To support the expansion of the Company’s
HPC hosting business, bitcoin miners will be migrated from data
centers designated for HPC hosting to bitcoin mining data centers.
As of the end of June, approximately 1 EH/s of miners were in
migration.
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 42,000 hosted, client-owned bitcoin miners,
representing approximately 20% of the bitcoin miners operating in
the Company’s data centers as of June 30, 2024. Client-owned
bitcoin miners earned an estimated 110 bitcoin in June, including
bitcoin rewards paid to the Company pursuant to proceeds sharing
agreements.
Hosting Services for High-Performance Computing
Core Scientific’s 16 MW leased data center in Austin, Texas
continued normal operations during the month of June. The Company
secured two significant HPC hosting agreements with CoreWeave in
June: a 200 MW agreement with total potential revenue over the life
of its 12-year contracts of $3.5 billion, and a 70 MW agreement
with total potential revenue of $1.225 billion over the life of its
12-year contracts.
Grid Support
In June, the Company implemented its post-halving strategy to
maximize profitability by curtailing mining operations across
portions of its fleet based on miner efficiency, hash price and
power prices. This strategy reduced the consumption of power at its
data centers on several occasions and delivered 23,366 megawatt
hours to local grid partners.
Infrastructure Expansion
Core Scientific completed a 72 MW infrastructure expansion
project at its Denton, Texas data center, increasing its total
operational infrastructure to 832 MW. The Company also began a
project to complete 100 MW of partially built infrastructure at its
Pecos, Texas data center. These expansions will house bitcoin
miners relocated from sites scheduled for modification to support
HPC hosting.
Upcoming Events and Conferences
Bitcoin 2024 in Nashville, TN July 25-27, 2024 @ Booth #711
Additional Information
To learn more about Core Scientific’s HPC expertise and
compelling market opportunity, view the Company’s June 2024
Investor and Analyst Day presentation here and access the
accompanying audio webcast here.
ABOUT CORE SCIENTIFIC
Core Scientific is one of the largest owners and operators of
high-powered digital infrastructure for bitcoin mining and hosting
services 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 and
high-performance computing clients 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 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://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 client-owned miners installed
and operated by Core Scientific in our data centers, including
bitcoin rewards earned by clients 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 clients, 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/20240705879056/en/
Investors: ir@corescientific.com
Media: press@corescientific.com
Core Scientific (NASDAQ:CORZ)
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