Core Scientific Announces April 2024 Production and Operations Updates
- Earned 803 self-mined bitcoin for a total of 3,628 bitcoin year-to-date, and our customers earned an estimated 265 bitcoin at our data centers in April
- Completed deployment of 2.5 EH/s of S21 miners from previously announced order
-
Operated approximately 224,000 owned and hosted bitcoin miners for a total energized hash rate of 26.7 exahash as of
April 30, 2024
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Core Scientific is a leader in bitcoin mining, specializing in application specific digital infrastructure. (Photo: Business Wire)
“We surpassed 20 exahash of energized self-mining hash rate in April after completing the planned deployment of S21 miners and temporarily energizing prior generation miners at data centers where they can operate profitably,” said
“With the halving behind us, we continue to focus on increasing productivity and efficiency, improving our average miner energy efficiency to 25.8 joules per terahash. We are also in active discussion with potential hosting clients regarding our high-performance compute offering and believe that our unique business model can enhance our revenue and growth potential, thereby increasing shareholder value,”
Key Metrics Summary (unaudited)
Metric |
|
|
||
Self-Mining Bitcoin Earned1 |
803 |
906 |
||
Hosting Bitcoin Earned by Customers2 |
265 |
309 |
||
Average Self-Mined Bitcoin Earned/Day |
26.8 |
29.2 |
||
Self-Mining Energized Hash rate3 |
20.4 |
19.3 |
||
Hosting Energized Hash rate4 |
6.3 |
6.2 |
||
Total Energized Hash rate |
26.7 |
25.6 |
||
Bitcoin Sold5 |
847 |
981 |
||
Bitcoin Sales Proceeds ($USD) |
Appx. |
Appx. |
||
Average Self-Mining Fleet Efficiency (J/TH)6 |
25.78 |
26.85 |
Data Centers
As of month-end, the Company operated approximately 224,000 bitcoin miners in our data centers for both self-mining and hosting, representing a total energized hash rate of 26.7 EH/s at its seven data centers in
Self-Mining
Core Scientific earned 803 bitcoin in April from its owned fleet of miners. As of month end, the Company operated approximately 173,000 owned bitcoin miners, representing approximately 77% of the bitcoin miners operating in its data centers and a total energized hash rate of 20.4 EH/s.
Hosting Services
In addition to its self-mining fleet, Core Scientific provided data center hosting services, technology and operating support for approximately 51,000 hosted, customer-owned bitcoin miners, representing approximately 23% of the bitcoin miners operating in the Company’s data centers as of
Grid Support
The Company reduced the consumption of power at its data centers on several occasions in April, delivering 9,842 megawatt hours to local grid partners. By supporting the grid in such a fashion, Core Scientific helps grid operators keep power flowing to their customers when temperatures rise and air conditioning use increases, and when temperatures drop and heating use increases. Core Scientific works with utility companies and the communities in which it operates to enhance electrical grid stability.
New Miner Deployments
The Company completed the deployment of its new Bitmain S21 miners with total rated hash rate of 2.5 EH/s in April. Prior generation miners replaced by the new S21s are now operating at Core Scientific’s
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ABOUT CORE SCIENTIFIC
Core Scientific is one of the largest bitcoin miners and hosting solutions providers for bitcoin mining in
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 Core Scientific.
2HostingBitcoin Earned represents estimated bitcoin rewards earned by customer-owned miners installed and operated by Core Scientific in our data centers, including bitcoin rewards earned by customers and paid to the Company pursuant to proceeds sharing agreements.
3Self-Mining Energized
4Hosting Energized
5Bitcoin Sold represents all bitcoin sold by the Company during the period, including self-mined and proceeds sharing rewards. For the first calendar quarter 2024, the correct total bitcoin sold was 3,047.
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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Source: Core Scientific, Inc.