Core Scientific Announces Agreement to Host 75MW of ASIC Servers
26 July 2022 - 11:10PM
Business Wire
- Signed agreement to host 75MW of additional ASIC servers
- Prepayments will provide capital to fund required
infrastructure
Core Scientific, Inc. (NASDAQ: CORZ) (“Core Scientific”
or “the Company”), a leader in high-performance blockchain data
centers and software solutions, today announced that it has entered
into a colocation agreement to increase its hosting business by
75MW.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220726005505/en/
Core Scientific is one of the largest
publicly traded blockchain data center providers and miners of
digital assets in North America. (Graphic: Business Wire)
The recently signed colocation agreement will generate
approximately $50 million in annual revenue when the ASIC servers
are fully deployed. In addition, the agreement provides for
prepayments sufficient to fund the additional infrastructure
required to host the 75MW. Server deployments will begin in the
third quarter of this year, with full deployment to be completed
during 2022. With the addition of these units, the Company expects
to be operating approximately 325,000 ASIC servers (combined
self-mining and colocation) in its data centers before year
end.
In a statement, Core Scientific’s CEO Mike Levitt said, “This
new agreement demonstrates continued customer confidence in Core
Scientific’s ability to deliver best-in-class blockchain data
center solutions. We remain focused on executing our 2022 plans to
expand our capacity, support the Bitcoin Network’s continued growth
and create value for all our stakeholders, despite current market
challenges. We look forward to providing further details about our
progress on August 11th, 2022 during our second quarter earnings
conference call.”
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 and future financing
activity, 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
center in Denton, Texas. 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.
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/20220726005505/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