Core Scientific Announces August 2024 Production and Operations Updates
Core Scientific (Nasdaq: CORZ), a leader in digital infrastructure for bitcoin mining, released unaudited production and operations updates for August 2024. The company produced 358 self-mined bitcoins, totaling 5,275 bitcoins year-to-date. Customers earned approximately 90 bitcoins through hosting services. The decline in self-mined bitcoins is attributed to the migration of miners to new data centers and increased global network hash rates.
Key metrics include: 214,000 total bitcoin miners, 20.5 EH/s self-mining hash rate, and approximately $22.5 million in bitcoin sales proceeds. The company reduced power consumption by 58,733 megawatt-hours, aiding local grids. CEO Adam Sullivan highlighted ongoing preparations for HPC hosting contracts and infrastructure optimization.
Core Scientific (Nasdaq: CORZ), leader nell'infrastruttura digitale per il mining di bitcoin, ha rilasciato aggiornamenti non verificati sulla produzione e le operazioni per agosto 2024. L'azienda ha prodotto 358 bitcoin autoestratti, per un totale di 5,275 bitcoin da inizio anno. I clienti hanno guadagnato circa 90 bitcoin tramite servizi di hosting. Il calo dei bitcoin autoestratti è attribuito alla migrazione dei miner verso nuovi data center e all'aumento dei tassi di hash della rete globale.
I principali parametri includono: 214.000 miner di bitcoin totali, un tasso di hash per autoestrazione di 20,5 EH/s e circa 22,5 milioni di dollari in proventi dalle vendite di bitcoin. L'azienda ha ridotto il consumo energetico di 58.733 megawattora, supportando le reti locali. Il CEO Adam Sullivan ha sottolineato i preparativi in corso per i contratti di hosting HPC e l'ottimizzazione dell'infrastruttura.
Core Scientific (Nasdaq: CORZ), un líder en infraestructura digital para la minería de bitcoin, publicó actualizaciones no auditadas sobre producción y operaciones para agosto de 2024. La empresa produjo 358 bitcoins auto-extraídos, totalizando 5,275 bitcoins en lo que va del año. Los clientes ganaron aproximadamente 90 bitcoins a través de servicios de hosting. La disminución en la producción de bitcoins auto-extraídos se atribuye a la migración de los mineros a nuevos centros de datos y al aumento de las tasas de hash de la red global.
Los indicadores clave incluyen: 214,000 mineros de bitcoin en total, una tasa de hash de auto-minado de 20.5 EH/s, y aproximadamente $22.5 millones en ingresos por ventas de bitcoin. La empresa redujo el consumo de energía en 58,733 megavatios-hora, apoyando las redes locales. El CEO Adam Sullivan destacó los preparativos en curso para contratos de hosting HPC y la optimización de la infraestructura.
코어 사이언티픽(Core Scientific) (나스닥: CORZ)는 비트코인 채굴을 위한 디지털 인프라의 선두주자로서 2024년 8월에 대한 비전 검증되지 않은 생산 및 운영 업데이트를 발표했습니다. 이 회사는 358개의 자가 채굴 비트코인을 생산하여 연초부터 총 5,275개의 비트코인을 생산했습니다. 고객들은 호스팅 서비스를 통해 약 90개의 비트코인을 획득했습니다. 자가 채굴 비트코인의 감소는 새로운 데이터 센터로의 채굴자 이동과 글로벌 네트워크 해시 비율의 증가에 기인합니다.
주요 지표에는 총 214,000개의 비트코인 채굴기, 20.5 EH/s의 자가 채굴 해시 비율, 그리고 약 2천 250만 달러의 비트코인 판매 수익이 포함됩니다. 이 회사는 58,733메가와트시의 전력 소비를 줄여 지역 전력망을 지원했습니다. CEO 아담 설리번은 HPC 호스팅 계약 및 인프라 최적화를 위한 지속적인 준비 작업을 강조했습니다.
Core Scientific (Nasdaq: CORZ), un leader de l'infrastructure numérique pour le mining de bitcoins, a publié des mises à jour non auditées sur la production et les opérations pour août 2024. L'entreprise a produit 358 bitcoins auto-extraits, totalisant 5 275 bitcoins depuis le début de l'année. Les clients ont gagné environ 90 bitcoins grâce à des services d'hébergement. La baisse des bitcoins auto-extraits est attribuée à la migration des mineurs vers de nouveaux centres de données et à l'augmentation des taux de hachage du réseau mondial.
Les principaux indicateurs comprennent : 214 000 mineurs de bitcoins au total, un taux de hachage d'auto-extraction de 20,5 EH/s, et environ 22,5 millions de dollars de recettes provenant des ventes de bitcoins. L'entreprise a réduit sa consommation d'énergie de 58 733 mégawattheures, aidant les réseaux locaux. Le PDG Adam Sullivan a souligné les préparatifs en cours pour les contrats d'hébergement HPC et l'optimisation de l'infrastructure.
Core Scientific (Nasdaq: CORZ), ein führendes Unternehmen in der digitalen Infrastruktur für das Bitcoin-Mining, veröffentlichte ungeprüfte Produktions- und Betriebsberichte für August 2024. Das Unternehmen produzierte 358 selbst geschürfte Bitcoins, was insgesamt 5.275 Bitcoins seit Jahresbeginn ergibt. Die Kunden verdienten etwa 90 Bitcoins durch Hosting-Dienste. Der Rückgang der selbst geschürften Bitcoins wird auf die Migration der Miner zu neuen Rechenzentren und die gestiegenen globalen Netzwerk-Hashraten zurückgeführt.
Wichtige Kennzahlen sind: 214.000 insgesamt Bitcoin-Miner, eine Self-Mining-Hashrate von 20,5 EH/s und etwa 22,5 Millionen Dollar an Erlösen aus Bitcoin-Verkäufen. Das Unternehmen reduzierte den Stromverbrauch um 58.733 Megawattstunden, wodurch lokale Netze unterstützt werden. Geschäftsführer Adam Sullivan hob die laufenden Vorbereitungen für HPC-Hosting-Verträge und die Optimierung der Infrastruktur hervor.
- Produced 358 self-mined bitcoins in August 2024.
- Customers earned 90 bitcoins through hosting services.
- Achieved $22.5 million in bitcoin sales proceeds.
- Operating approximately 214,000 bitcoin miners, with 20.5 EH/s self-mining hash rate.
- Self-mined bitcoins decreased from 411 in July to 358 in August.
- Bitcoin sales proceeds dropped from $25.2 million in July to $22.5 million in August.
- Digital asset hosting energized hash rate decreased from 5.2 EH/s in July to 4.9 EH/s in August.
Insights
Core Scientific's August update reveals mixed results. The company mined 358 bitcoins, down from 411 in July, attributed to miner migration and increased network difficulty. This
The company sold 375 bitcoins for approximately
Core Scientific's pivot towards High-Performance Computing (HPC) hosting, with 382 MW of contracted infrastructure through 2026, signals a strategic shift. This diversification could provide more stable revenue streams but requires significant capital investment and execution risk.
Core Scientific's infrastructure modifications for HPC hosting contracts demonstrate adaptability in a rapidly evolving market. The company's average self-mining fleet efficiency of 24.8 J/TH is competitive but not industry-leading. The slight increase in total energized hash rate to 25.4 EH/s, despite miner redeployment, suggests effective operational management.
The company's grid support activities, delivering 58,733 MWh back to local grids, highlight its role in energy management and potential for additional revenue streams. However, these curtailments also impact mining productivity. The balance between grid support and mining operations will be important for optimizing profitability.
The planned expansion into HPC hosting could leverage Core Scientific's existing infrastructure expertise but will require significant technological upgrades and a different operational approach compared to bitcoin mining.
Core Scientific's strategic pivot towards HPC hosting reflects a broader industry trend of diversification beyond pure bitcoin mining. This move could help mitigate the volatility associated with cryptocurrency markets and provide more stable revenue streams. However, the HPC market is highly competitive, with established players like AWS and Google Cloud.
The company's bitcoin production decline, despite increased hash rate, underscores the challenges faced by miners as network difficulty rises. This trend may continue, potentially squeezing profit margins for pure-play miners. Core Scientific's diversification strategy appears timely, but successful execution will be critical.
Investor focus should be on the company's ability to secure and deliver on HPC contracts, manage the transition costs and maintain competitive bitcoin mining operations. The upcoming H.C. Wainwright conference may provide further insights into the company's strategy and financial outlook.
Earned 358 Self-Mined Bitcoin for a Total of 5,275 Bitcoin Year-to-Date and Our Customers Earned an Estimated 90 Bitcoin at Our Data Centers in August
Core Scientific (Nasdaq: CORZ) is a leader in digital infrastructure for bitcoin mining and high-performance computing. (Photo: Business Wire)
“Our team has been very busy preparing some of our sites for modification to support our HPC hosting contracts and optimizing operations at our bitcoin mining sites,” said Adam Sullivan, Core Scientific’s Chief Executive Officer. “We have removed bitcoin mining infrastructure from two of our existing facilities in preparation for selective interior demolition and have redeployed the miners removed from those facilities to our bitcoin mining sites. The sequential decline in self-mined bitcoins earned resulted from a combination of miners migrating to their new data centers and continued growth in global network hash rate and difficulty.”
“A great deal of work lies ahead as we focus on delivering 382 contracted megawatts of infrastructure for HPC through 2026 and aim to secure additional sites for new clients this year. Our team is engaged, aligned and excited about Core Scientific’s future.”
Key Metrics Summary (unaudited) |
||
Metric |
August 2024 |
July 2024 |
Self-Mining Bitcoin Earned1 |
358 |
411 |
Hosting Bitcoin Earned by Customers2 |
90 |
110 |
Average Self-Mined Bitcoin Earned/Day |
11.6 |
13.3 |
Digital Asset Self-Mining Energized Hash rate3 |
20.5 |
20.1 |
Digital Asset Hosting Energized Hash rate4 |
4.9 |
5.2 |
Total Energized Hash rate |
25.4 |
25.3 |
Bitcoin Sold5 |
375 |
401 |
Bitcoin Sales Proceeds ($USD) |
Appx. |
Appx. |
Average Self-Mining Fleet Efficiency (J/TH)6 |
24.8 |
24.7 |
Data Centers
As of month-end, the Company operated approximately 214,000 bitcoin miners for both self-mining and hosting, representing a total energized hash rate of 25.4 EH/s at its bitcoin mining data centers.
Digital Asset Self-Mining
Core Scientific earned 358 bitcoin in August from its owned fleet of miners. As of month end, the Company operated approximately 175,000 owned bitcoin miners, representing approximately
Hosting Services for Bitcoin Mining
In addition to its self-mining fleet, Core Scientific provided data center hosting services, technology and operating support for approximately 39,000 hosted, customer-owned bitcoin miners, representing approximately
Grid Support
The Company reduced the consumption of power at its data centers on multiple occasions, delivering 58,733 megawatt hours to local electrical grids. The most frequent causes of power consumption reductions in August related to over-temperature events, economic curtailments and load response.
Upcoming Events and Conferences
H.C. Wainwright 26th Annual Global Investment Conference, September 10-11, 2024
ABOUT CORE SCIENTIFIC
Core Scientific is a leader in digital infrastructure for bitcoin mining and high-performance computing. We operate dedicated, purpose-built facilities for digital asset mining and are a premier provider of digital infrastructure, software solutions and services to our third-party customers. We employ our own large fleet of computers (“miners”) to earn bitcoin for our own account and provide hosting services for large bitcoin mining and high-performance computing customers at our eight operational data centers 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 businesses, implement its business strategy, source necessary electrical 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 current and future expected hosting infrastructure; our ability to maintain our competitive position in our businesses; 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 artificial intelligence, high value computing, 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” and other reduction of rewards available on the Bitcoin network, , affecting our ability to generate revenue; 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;; potential changes in the interpretive positions of the SEC or its staff with respect to digital asset mining firms; the increasing likelihood that
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1 Self-Mining Bitcoin Earned represents bitcoin rewards earned by bitcoin miners owned and operated by Core Scientific
2 Hosting Bitcoin 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
3 Self-Mining Energized Hash Rate represents the total rated capacity of all Company-owned bitcoin miners installed and operating in Core Scientific’s data centers. Includes previous generation miners removed to accommodate new miners and then re-deployed opportunistically to exploit favorable mining economics.
4 Hosting Energized Hash Rate represents the total rated capacity of all hosted bitcoin miners owned by customers, installed and operated by Core Scientific in our data centers
5 Bitcoin Sold represents all bitcoin sold by the Company during the period, including self-mined and proceeds sharing rewards.
6 Average 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240905003243/en/
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Source: Core Scientific, Inc.
FAQ
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