- Operating approximately 232,000 owned and colocated ASIC
servers
- Produced 1,213 self-mined bitcoins
Core Scientific, Inc. (NASDAQ: CORZ) ("Core Scientific"
or “the Company”), a leader in high-performance blockchain
computing data centers and software solutions, today announced
production and operational updates for September 2022.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221005005336/en/
Core Scientific's Calvert City, KY Data
Center (Photo: Business Wire)
“We continued growing our infrastructure and operating servers
in September. Bitcoin production was impacted across the company's
data centers due to several unique circumstances, including severe
weather events and electrical equipment manufacturer defects.
“Despite these challenges, Core Scientific continued to lead the
industry in bitcoin production. We produced 1,213 bitcoins for our
own account. We expanded our total fleet (owned and colocated) to
approximately 232,000 servers representing approximately 22.5 EH/s.
I am proud of our team's resilience, adaptability and dedication in
the face of difficult industry conditions,” said Mike Levitt, Core
Scientific Chief Executive Officer.
Data Centers
As of month-end, the Company operated approximately 232,000 ASIC
servers for both colocation and self-mining, representing a total
of approximately 22.5 EH/s. The Company’s Georgia, Kentucky, North
Carolina, and North Dakota data center facilities continue to
operate at capacity. The Company is continuing to build additional
capacity in Texas.
Self-Mining
Core Scientific’s self-mining operations produced 1,213 bitcoins
in September, for an average of 40.4 bitcoins per day. The Company
deployed approximately 2,900 new servers during the month for its
self-mining operation. Curtailment activity across multiple data
centers and unanticipated electrical equipment challenges limited
production advances.
The Company expanded its fleet of self-mining servers during the
month to approximately 130,000, increasing hashrate to
approximately 13 EH/s. The Company expects to deploy approximately
38,000 additional self-mining ASIC servers before the end of 2022.
As of September month end, self-mining accounted for approximately
58% of the Company’s total hashrate.
Colocation Services
In addition to its self-mining fleet, as of September 30, 2022,
Core Scientific provided data center colocation services,
technology and operating support for approximately 102,000
customer-owned ASIC servers representing approximately 9.5 EH/s. In
September, the Company deployed approximately 8,400 new servers for
its colocation customers. As of September month end, colocation
services accounted for approximately 42% of the Company’s total
hashrate. Inquiries for colocation services continue to exceed the
Company’s available infrastructure.
Bitcoin Sales and Liquidity
During the month of September, the Company sold 1,576 bitcoins
at an average price of $20,460 per bitcoin for total proceeds of
approximately $32.2 million. As of September 30, 2022, the Company
held 1,051 bitcoins and approximately $29.5 million in cash.
Grid Support
In the month of September, the Company powered down its Texas
and other data center operations on several occasions. Curtailments
in September totaled 8,774 megawatt hours. Core Scientific works
with the communities and utility companies in which it operates to
enhance electrical grid stability.
ABOUT CORE SCIENTIFIC
Core Scientific is one of the largest publicly traded blockchain
computing data center providers and miners of digital assets in
North America. Core Scientific has operated blockchain computing
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 next few quarters. 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,
meet its 2022 operating plan, 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.
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View source
version on businesswire.com: https://www.businesswire.com/news/home/20221005005336/en/
Investors: Steven Gitlin ir@corescientific.com
Media: press@corescientific.com
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