Core Scientific, a key player in digital infrastructure, announces significant developments in bitcoin mining and HPC hosting expansion, showcasing growth and efficiency in their operations.
Core Scientific Announces Significant Developments in Bitcoin Mining and HPC Hosting Expansion
Austin, Texas (July 5, 2024) — Core Scientific, Inc. (Nasdaq: CORZ), a leading operator in high-powered digital infrastructure for bitcoin mining and hosting services, has released its unaudited production and operations updates for June 2024. Highlighting significant strides in both their bitcoin mining and High-Performance Computing (HPC) hosting businesses, the company continues to expand its infrastructure.
New HPC Hosting Contracts
Core Scientific revealed that they secured HPC hosting contracts with CoreWeave totaling 270 megawatts (MW) of infrastructure. These deals are set to generate cumulative potential revenue of over $4.7 billion over the next 12 years. The company is actively discussing further HPC hosting opportunities for the remaining 230 MW of infrastructure, with a non-exclusive option retained by CoreWeave on this available capacity.
Bitcoin Mining Performance
The company reported the production of 430 self-mined bitcoins in June, bringing the total year-to-date to 4,506 bitcoins. Over the second quarter of 2024, Core Scientific mined 1,680 bitcoins. In addition, clients using their hosting services earned an estimated 110 bitcoins in June.
“Our self-mined bitcoin operations maintained high efficiency, with an average energy efficiency of 23.6 joules per terahash,” said Adam Sullivan, CEO of Core Scientific.
Infrastructure and Expansion
Core Scientific completed a 72 MW expansion at their Denton, Texas data center, bringing their operational infrastructure to a total of 832 MW. The company has also begun efforts to complete an additional 100 MW of partially built infrastructure at its Pecos, Texas data center.
These expansions aim to accommodate the relocation of bitcoin miners from data centers that are being transitioned to support HPC hosting. The company reported operating around 205,000 bitcoin miners across its seven data centers in various states including Georgia, Kentucky, North Carolina, North Dakota, and Texas.
Financial Metrics and Sales
Core Scientific sold 479 bitcoins in June, with proceeds approximating $31.6 million. During the second quarter, the company sold a total of 1,779 bitcoins, earning about $116.8 million. In terms of efficiency, their self-mining fleet showed an improvement, using 23.6 joules per terahash compared to 24.2 joules per terahash in the previous month.
Community Engagement and Future Plans
In line with contributing to local grids, Core Scientific implemented a post-halving strategy to maximize profitability. This involved curtailing mining operations based on miner efficiency, hash price, and power prices, which led to the delivery of 23,366 megawatt-hours to local grids in June.
“With the explosion of demand for High-Performance Computing driven by artificial intelligence, we are well-positioned to leverage our digital infrastructure for future growth,” added Sullivan.
Upcoming Events
Core Scientific will be showcasing its developments at the Bitcoin 2024 conference in Nashville, Tennessee from July 25-27, where they will be stationed at Booth #711.
About Core Scientific
As one of the largest owners and operators of high-powered digital infrastructure in North America, Core Scientific focuses on converting energy into high-value compute tasks with superior efficiency. The company operates a significant fleet of bitcoin miners and provides hosting services to clients needing robust computing resources.
Final Remarks
Core Scientific’s recent operational updates signal robust growth and strategic expansion in both their core bitcoin mining operations and emerging HPC hosting services. The initiatives reflect a concerted effort to secure long-term revenue and operational efficiency amid the fluctuating dynamics of the digital asset landscape.
