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Core Scientific Inc. (NASDAQ: CORZ) is a leading provider of blockchain infrastructure and high-performance computing (HPC) solutions, strategically positioned at the intersection of digital asset mining and advanced computational technologies. Headquartered in North America, the company is a pivotal player in the rapidly evolving blockchain and cryptocurrency ecosystem, offering a robust suite of services that cater to the growing demand for decentralized digital infrastructure.
Core Business Segments
Core Scientific operates through three primary business segments, each contributing to its diversified revenue streams:
- Digital Asset Self-Mining: The company engages in mining digital assets, such as cryptocurrencies, for its own account. This segment represents the majority of its revenue, leveraging Core Scientific's significant computational power and operational expertise to generate digital assets efficiently.
- Digital Asset Hosted Mining: Core Scientific provides hosting services for third-party clients, offering access to its state-of-the-art facilities and technical support. This enables customers to mine digital assets without investing in their own infrastructure, making the company a trusted partner for enterprises seeking scalable mining solutions.
- HPC Hosting: The company also offers hosting services for GPU-based high-performance computing applications, catering to industries that require advanced computational capabilities, such as artificial intelligence, machine learning, and big data analytics.
Blockchain Infrastructure and Technology
At the core of Core Scientific's operations is its commitment to designing, building, and operating digital infrastructure that supports high-performance computing. The company’s facilities are optimized for energy efficiency and scalability, ensuring reliable and cost-effective operations. By integrating advanced software solutions and proprietary technologies, Core Scientific enhances the performance and reliability of its mining and hosting services.
Market Position and Competitive Landscape
Core Scientific is uniquely positioned in the blockchain infrastructure industry due to its scale, operational efficiency, and focus on innovation. As one of the largest operators of digital asset mining facilities in North America, the company benefits from economies of scale and a deep understanding of the complexities of blockchain technology. Its ability to balance self-mining with hosting services allows it to diversify revenue streams and mitigate risks associated with market volatility in digital assets.
In a competitive landscape that includes both specialized mining companies and broader technology firms, Core Scientific differentiates itself through its vertically integrated approach and commitment to sustainability. By leveraging renewable energy sources and optimizing energy consumption, the company addresses growing regulatory and environmental concerns, positioning itself as a responsible leader in the industry.
Industry Context and Growth Potential
The blockchain and cryptocurrency industries are experiencing rapid growth, driven by increasing adoption of decentralized technologies and digital assets. Core Scientific is well-positioned to capitalize on these trends, offering the infrastructure and expertise needed to support the expanding ecosystem. Its focus on high-performance computing also aligns with the broader demand for advanced computational capabilities across various sectors.
Conclusion
Core Scientific Inc. is a cornerstone of the blockchain infrastructure industry, combining technical expertise, operational excellence, and a forward-looking approach to drive innovation and growth. Its diversified business model, commitment to sustainability, and strategic positioning make it a key player in the digital asset and high-performance computing markets. As the demand for blockchain solutions and computational power continues to rise, Core Scientific is poised to play a critical role in shaping the future of these transformative industries.
Core Scientific (NASDAQ: CORZ) announced the appointment of Jim Nygaard as new Executive Vice President and Chief Financial Officer, effective March 17, 2025. Nygaard brings nearly 30 years of investment banking expertise, including extensive M&A and corporate finance experience from his roles at XMS Capital Partners and Morgan Stanley.
The transition follows a previously announced CFO succession plan, with Nygaard replacing Denise Sterling, who will remain until May 1st to ensure a smooth handover. Sterling, who became CFO before the Company's Chapter 11 filing, played a important role in Core Scientific's restructuring and emergence from bankruptcy. Under her leadership, the company raised over $1 billion through two convertible note transactions, strengthening its capital structure.
Core Scientific (NASDAQ: CORZ) has expanded its partnership with CoreWeave through a new $1.2 billion agreement at its Denton, TX facility. The deal adds 70 MW of contracted power, bringing the site's total critical IT load to approximately 260 MW. CoreWeave's total contracted HPC infrastructure with Core Scientific now reaches about 590 MW across six sites.
The expansion increases Core Scientific's total projected revenue to $10.2 billion over 12-year contract terms. Core Scientific will invest $104 million ($1.5M per MW) in capital expenditure for the expansion, with CoreWeave covering additional costs. The agreement includes options for two five-year renewal terms.
Core Scientific's total contracted power of 1.3 gigawatts is allocated between 900 MW for HPC hosting and 400 MW for bitcoin mining operations. The company is actively seeking additional sites to expand its HPC hosting capacity, focusing on locations near major cities and fiber lines.
Core Scientific (NASDAQ: CORZ) reported Q4 2024 financial results with a net loss of $265.5 million, primarily due to a $224.7 million non-cash mark-to-market adjustment to warrants. Total revenue was $94.9 million, down from $141.9 million in Q4 2023.
Key Q4 highlights include:
- Operating loss of $39.8 million
- Adjusted EBITDA of $13.3 million
- Secured $625 million through 0% interest convertible notes
- Cash position of $836.2 million as of December 31, 2024
- Mined 974 bitcoin at $51,035 average cost per coin
- Operated 20.1 EH/s total hash rate
For full year 2024, Core Scientific generated total revenue of $510.7 million with Adjusted EBITDA of $157.4 million. The company expanded its infrastructure capacity to 1,300 MW and is focusing on growth in both HPC and Bitcoin mining operations.
Core Scientific (CORZ) has announced its upcoming fourth quarter fiscal year 2024 earnings release and conference call schedule. The company will release its financial results after market close on Wednesday, February 26, 2025, followed by a conference call and live audio webcast at 3:30 PM CST.
The earnings call will be hosted by CEO Adam Sullivan, CFO Denise Sterling, and VP of Investor Relations Jon Charbonneau. Investors can participate via dial-in (877-407-1875 / +1 215-268-9909) or listen to the live webcast through the company's investor relations website.
An audio replay will be available on the company's website and via telephone from February 26, 2025, at 9:00 PM CST through March 12, 2025, using dial-in numbers (877) 660-6853 / (201) 612-7415 and Access ID: 13751642.
Core Scientific (NASDAQ: CORZ) announced its expansion into Auburn, Alabama, with a new high-performance computing facility. The data center, housed within the existing AUBix facility, will launch with a 16-megawatt capacity and potential for expansion.
The company plans an initial investment of $135 million, with total project investment expected to exceed $400 million, including capital expenditures from future partners. Core Scientific has leased the building with plans to execute a purchase option and retained all 11 full-time employees, with plans to increase the workforce to a minimum of 20.
The Auburn facility joins Core Scientific's network of nine data centers across six states—Alabama, Georgia, Kentucky, North Carolina, North Dakota, and Texas—with an additional facility under development in Oklahoma. Local officials project the investment will generate approximately $1.5 million in annual tax revenue for Auburn's schools and public services.
Core Scientific (NASDAQ: CORZ) has released its January 2025 production and operations update. The company self-mined 256 Bitcoin during January, down from 291 in December 2024, with an average of 8.3 Bitcoin earned per day. The company's hosting customers earned an estimated 17 Bitcoin.
Core Scientific operated approximately 161,000 bitcoin miners across its data centers, achieving a total energized hash rate of 19.5 EH/s. The company's self-mining fleet maintained an efficiency of 24.5 J/TH. No Bitcoin sales were reported for January, compared to 79 Bitcoin sold for approximately $7.7 million in December.
The company supported local electrical grids by reducing power consumption at its data centers, delivering 48,236 megawatt hours. Of the total miners operated, 96% were company-owned for self-mining, while 4% were customer-owned hosting services.
Core Scientific (Nasdaq: CORZ) has appointed Scott Brueggeman as Chief Marketing Officer to strengthen its brand presence and drive market expansion. Brueggeman brings over 20 years of experience in digital infrastructure and technology businesses. In his previous role at Logix Fiber Networks, he achieved a 50% increase in sales productivity and led a 60-person team. Prior to that, he held leadership positions at CyrusOne during its IPO and $1 billion worth of acquisitions.
Brueggeman's background includes roles at CoreLink Data Centers, CareerBuilder, and AT&T. He holds an MBA from Northwestern University's Kellogg School of Management. CEO Adam Sullivan emphasized that Brueggeman's expertise aligns with Core Scientific's growth strategy in high-performance computing and digital asset mining.
Core Scientific (NASDAQ: CORZ) has released its December 2024 operations update, reporting 291 self-mined Bitcoin for the month, bringing the total to 6,595 Bitcoin year-to-date and 974 in Q4. The company's hosted customers earned an estimated 18 Bitcoin at their data centers.
Key operational metrics include an average of 9.4 self-mined Bitcoin per day, with a total energized hash rate of 20.1 EH/s. The company operated approximately 171,000 bitcoin miners, with 164,000 being self-owned (96%) and 7,000 customer-owned (4%). Core Scientific sold 79 Bitcoin in December, generating approximately $7.7 million in proceeds.
The company demonstrated grid support by reducing power consumption at its data centers, delivering 30,985 megawatt hours to local electrical grids. The self-mining fleet maintained an efficiency of 24.6 J/TH.
Core Scientific (CORZ) released its November 2024 operations update, reporting 314 self-mined Bitcoin and an estimated 29 Bitcoin earned by hosting customers. The company operated approximately 172,000 bitcoin miners across its data centers, achieving a total energized hash rate of 20.3 EH/s. Core Scientific sold 272 Bitcoin for approximately $23.2 million in proceeds.
The company's self-mining fleet consisted of about 165,000 miners (96% of total) with 19.3 EH/s hash rate, while hosting services supported roughly 7,200 customer-owned miners (4%). During November, the company contributed to grid stability by reducing power consumption and delivering 23,309 megawatt hours to local electrical grids. Additionally, Core Scientific secured approval from Denton City Council to expand operations with up to 394 MW power allocation.
Core Scientific (NASDAQ: CORZ) has priced an upsized offering of $550 million convertible senior notes due 2031, increased from the previously announced $500 million. The zero-interest notes will mature on June 15, 2031, with an initial conversion rate of 44.4587 shares per $1,000 principal amount, representing a conversion price of approximately $22.49 per share. The company granted initial purchasers an option to buy an additional $75 million in notes. The net proceeds, estimated at $535.6 million (or $608.7 million if the option is exercised), will be used for general corporate purposes including working capital, operating expenses, and capital expenditures.
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