- Operating over 180,000 owned and colocated ASIC servers
- Produced 1,106 self-mined bitcoins
- Daily self-mining increased by 14% from June 1 (34.8) to June
30 (39.8)
- Second quarter earnings release and conference call scheduled
for August 11, 2022
Core Scientific, Inc. (NASDAQ: CORZ) ("Core Scientific"
or “the Company”), a leader in high-performance blockchain data
centers and software solutions, today announced production and
operational updates for June 2022.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220705005347/en/
Core Scientific's Calvert City, KY Data
Center (Photo: Business Wire)
“Throughout June we continued to add data center capacity, grow
our self-mining assets and deploy additional colocated ASIC servers
for our customers,” said Mike Levitt, Core Scientific Chief
Executive Officer. “Our industry is enduring tremendous stress as
capital markets have weakened, interest rates are rising and the
economy deals with historic inflation. Our company has successfully
endured downturns in the past, and we are confident in our ability
to navigate the current market turmoil.”
“We are working to strengthen our balance sheet and enhance
liquidity to meet this challenging environment, and continue to
believe that we will be operating in excess of 30 EH/s in our data
centers by year end 2022. We remain focused on executing our plan,
while taking advantage of distressed opportunities that may arise.
We look forward to updating our shareholders in more detail during
our regularly scheduled earnings conference call planned for August
11,” Mr. Levitt added.
Data Centers
Data centers owned and operated by the Company in Georgia,
Kentucky, North Carolina and North Dakota continued to operate as
expected. The Company now has multiple facilities operational in
Texas. Significant future development is planned for Texas and
Oklahoma in 2022.
As of month-end, the Company operated more than 180,000 ASIC
servers, representing 17.9 EH/s, in its data centers.
Self-Mining
Core Scientific’s self-mining operations produced 1,106 bitcoins
in June, averaging 36.9 bitcoins per day, a slight increase from
the prior month. Bitcoin production benefitted from server
deployments during the month, but production advances were limited
by a substantial increase in curtailment activity. Daily production
increased by approximately 14% during the month of June, from 34.8
bitcoins on June 1 to 39.8 bitcoins on June 30.
At month end the Company operated a self-mining fleet of
approximately 103,000 ASIC servers, producing 10.3 EH/s. The
Company expects to deploy approximately 70,000 additional
self-mining ASIC servers over the next six months. Approximately
90% of the cost of the additional servers has already been
paid.
As of June month end, self-mining accounted for approximately
57% of the Company’s data center capacity and digital asset mining
operations.
Colocation Services
In addition to its self-mining fleet, as of June 30, 2022, Core
Scientific provided data center colocation services, technology and
operating support for approximately 79,000 customer owned ASIC
servers generating 7.6 EH/s. Colocated EH/s declined slightly from
May to June as a result of the Company’s long-planned acquisition
of Argo’s ASIC servers that were colocated in the Company’s data
centers.
As of June month end, colocation services accounted for
approximately 43% of the Company’s data center capacity and digital
asset mining operations. Inquiries for colocation services continue
to exceed the Company’s available infrastructure.
Bitcoin Sales
During the month of June, the Company sold 7,202 bitcoins at an
average price of approximately $23,000 per bitcoin for total
proceeds of approximately $167 million. As of June 30, 2022, the
Company held 1,959 bitcoins and approximately $132 million in cash
on its balance sheet.
Proceeds from bitcoin sales in June were primarily used for
payments for ASIC servers, capital investments in additional data
center capacity and scheduled repayment of debt. The Company will
continue to sell self-mined bitcoins to pay operating expenses,
fund growth, retire debt and maintain liquidity.
Grid Support
In the month of June, the Company powered-down a portion of its
data center operations for a total of 2,472 megawatt hours. Core
Scientific works with the communities and utility companies in
which it operates to enable and ensure electrical grid
stability.
Second Quarter 2022 Earnings Release and Conference Call
The Company plans to release second quarter 2022 earnings
results and hold its earnings conference call on August 11, 2022.
At that time, the Company will provide additional details regarding
its financial performance, operations, liquidity and outlook for
the full fiscal year 2022.
ABOUT CORE SCIENTIFIC
Core Scientific is one of the largest publicly traded blockchain
data center providers and miners of digital assets in North
America. Core Scientific has operated blockchain data centers in
North America since 2017, using its facilities and intellectual
property portfolio for colocated digital asset mining and
self-mining. Core Scientific operates data centers in Georgia,
Kentucky, North Carolina, North Dakota and Texas, and expects to
commence operations in Oklahoma in the second half of 2022. Core
Scientific’s proprietary Minder® fleet management software combines
the Company’s colocation expertise with data analytics to deliver
maximum uptime, alerting, monitoring and management of all miners
in the Company’s network. To learn more, visit
http://www.corescientific.com.
FORWARD LOOKING STATEMENTS AND EXPLANATORY NOTES
This press release includes “forward-looking statements'' within
the meaning of the “safe harbor” provisions of the United States
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. These
forward-looking statements include, but are not limited to, those
related to the Company’s ability to scale and grow its business,
source clean and renewable energy, the advantages and expected
growth of the Company, future estimates of revenue, net income,
adjusted EBITDA, total debt, free cash flow, liquidity and future
financing availability, future estimates of computing capacity and
operating capacity, future demand for colocation capacity, future
estimate of hashrate (including mix of self-mining and colocation)
and operating gigawatts, future projects in construction or
negotiation and future expectations of operation location, orders
for miners and critical infrastructure, future estimates of
self-mining capacity, the public float of the Company’s shares,
future infrastructure additions and their operational capacity, and
operating capacity and site features of the Company’s operations
and planned operations in Texas and Oklahoma. 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.
Month over month comparisons are based on the combined results
of Core Scientific and its acquired entities and are unaudited.
Core Scientific provides this and any future similar unaudited
updates to provide shareholders with visibility into the Company’s
results and progress toward previously announced capacity and
operational projections.
For additional media and information, please follow
us
https://www.linkedin.com/company/corescientific/
https://twitter.com/core_scientific
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220705005347/en/
Investors: Steven Gitlin ir@corescientific.com
Media: press@corescientific.com
Core Scientific (NASDAQ:CORZ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Core Scientific (NASDAQ:CORZ)
Historical Stock Chart
From Apr 2023 to Apr 2024