Core Scientific Announces May 2024 Production and Operations Updates
- Earned 447 self-mined bitcoin for a total of 4,076 bitcoin year-to-date, and our customers earned an estimated 128 bitcoin at our data centers in May
-
Operated approximately 219,000 owned and hosted bitcoin miners for a total energized hash rate of 26.1 exahash as of
May 31, 2024
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“We continue to execute well in our strong bitcoin mining business while also leveraging our valuable portfolio of high-power digital infrastructure to expand our hosting business, as demonstrated by our recent announcement of new, long-term hosting contracts for 200 megawatts of HPC infrastructure with CoreWeave, the AI Hyperscaler,” said
“Our discussions with potential clients to modify an additional 300 megawatts of our high-power infrastructure for HPC hosting continue, representing an even greater source of revenue by capitalizing on strong market demand. Supported by powerful industry tailwinds across AI compute, we are excited about the meaningful opportunities ahead to maximize the value of our digital infrastructure portfolio to deliver on our business objectives and create sustainable shareholder value,” added
Key Metrics Summary (unaudited)
Metric |
|
|
Self-Mining Bitcoin Earned1 |
447 |
803 |
Hosting Bitcoin Earned by Customers2 |
128 |
265 |
Average Self-Mined Bitcoin Earned/Day |
14.4 |
26.8 |
Self-Mining Energized Hash rate3 |
20.4 |
20.4 |
Hosting Energized Hash rate4 |
5.7 |
6.3 |
Total Energized Hash rate |
26.1 |
26.7 |
Bitcoin Sold5 |
453 |
847 |
Bitcoin Sales Proceeds ($USD) |
Appx. |
Appx. |
Average Self-Mining Fleet Efficiency (J/TH)6 |
24.23 |
25.78 |
Data Centers
As of month-end, the Company operated approximately 219,000 bitcoin miners for both self-mining and hosting, representing a total energized hash rate of 26.1 EH/s at its seven data centers in
Self-Mining
Hosting Services
In addition to its self-mining fleet,
Grid Support
In May, the Company implemented its post-halving strategy to maximize profitability by curtailing 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 26,328 megawatt hours to local grid partners
Miner Deployments
Prior generation miners replaced by new S21s deployed earlier this year continue to operate at Core Scientific’s
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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
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1
Self-Mining
Bitcoin Earned represents bitcoin rewards earned by bitcoin miners owned and operated by
2HostingBitcoin Earned represents estimated bitcoin rewards earned by customer-owned miners installed and operated by
3Self-Mining Energized
4Hosting Energized
5Bitcoin Sold represents all bitcoin sold by the Company during the period, including self-mined and proceeds sharing rewards.
6Average 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˙
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