Core Scientific, Inc. - CORZ STOCK NEWS

Core Scientific (Nasdaq: CORZ) released its unaudited production and operations updates for July 2024. The company earned 411 self-mined Bitcoin, bringing its year-to-date total to 4,917. Core Scientific's customers earned an estimated 110 Bitcoin at its data centers. The company operated 214,000 bitcoin miners across seven data centers, achieving a total energized hash rate of 25.3 EH/s.

CEO Adam Sullivan highlighted the company's plans to migrate miners to dedicated sites and modify infrastructure for HPC hosting. Core Scientific also became the first bitcoin miner to support Foundry Donate, a program funding Bitcoin Network core developers. The company sold 401 Bitcoin in July, generating approximately $25.2 million in proceeds.

Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for bitcoin mining and high-performance computing, has announced its schedule for the fiscal year 2024 second quarter earnings release. The company will issue financial results after market close on Wednesday, August 7, 2024, followed by a conference call and live audio webcast at 3:30 p.m. Central Time.

The call will be hosted by Adam Sullivan (CEO), Denise Sterling (CFO), and Steven A. Gitlin (SVP, Investor Relations). Investors can access the live audio webcast via the company's website or by dialing in. An audio replay will be available on the website and via telephone until August 21, 2024.

Foundry Digital has launched Foundry Donate, an innovative program allowing miners on Foundry USA Pool™ to directly support Bitcoin's open-source development through select nonprofits. The initiative features an automated on-chain system for miners to effortlessly donate a portion of their mined bitcoins to vetted organizations.

Key features include miners' choice of nonprofit, amount, and frequency of donations; vetted 501(c)(3) nonprofits; and full transparency with blockchain-verifiable transactions. Initially partnering with Brink and OpenSats, Foundry has committed 0.2 BTC to each, while Core Scientific (Nasdaq: CORZ) has already donated 1 BTC through the program.

Core Scientific (NASDAQ: CORZ) has announced that its tranche 2 warrants (CORZZ) are now exercisable until January 23, 2029. This follows the satisfaction of the “TEV Triggering Event” as per the Warrant Agreement with Computershare. The event occurred after the daily volume weighted average trading price (VWAP) of Core Scientific’s common stock exceeded $8.72 for 20 consecutive trading days, closing on July 11, 2024. There are 81,927,898 tranche 2 warrants outstanding, each exercisable into one share of common stock at an exercise price of $0.01 per share. CEO Adam Sullivan attributed this milestone to the company’s strong operational and trading performance, highlighting their ongoing diversification strategy in HPC hosting and bitcoin mining.

Block has announced a significant partnership with Core Scientific to supply its new 3nm ASIC mining chips, targeting approximately 15 EH/s of hashrate. This collaboration aims to enhance decentralization, transparency, and efficiency in bitcoin mining by leveraging advanced infrastructure and integrating existing technologies.

Block's Proto team focuses on developing modular mining platforms that simplify infrastructure, optimize resource use, and promote sustainability. This agreement marks a major step for Block's long-term strategy to democratize bitcoin mining and provide innovative, integrated solutions. The collaboration with Core Scientific is expected to redefine efficiency and reliability in large-scale operations, supporting Core Scientific's hashrate growth and contributing to the vitality of the Bitcoin Network.

Core Scientific (NASDAQ: CORZ) announced the mandatory conversion of its Secured Convertible Notes due 2029, eliminating $260 million of debt. This action follows the company’s emergence from bankruptcy and marks significant progress in strengthening its balance sheet.

The conversion was triggered by the stock's 20-day volume-weighted average price (VWAP) exceeding a specified threshold as of July 5, 2024. The conversion will be effective on July 10, 2024, resulting in the issuance of approximately 45 million new shares in exchange for the debt.

Additionally, the company extinguished a $3 million contingent payment obligation on July 1, 2024, further highlighting its improved financial position. CEO Adam Sullivan emphasized the company’s commitment to growth and value creation for stakeholders.

Core Scientific (Nasdaq: CORZ), a leading provider of digital infrastructure for bitcoin mining and hosting services in North America, announced key operational updates for June 2024. They secured HPC hosting contracts with CoreWeave for 270 MW of infrastructure, potentially generating over $4.7 billion in revenue over 12 years. The company mined 430 bitcoin in June, totaling 4,506 BTC for the year.

Additionally, they expanded their Denton, TX data center by 72 MW, increasing their total operational infrastructure to 832 MW. Plans to complete 100 MW of infrastructure at their Pecos, TX data center are underway. In total, Core Scientific operated 205,000 bitcoin miners, with an energized hash rate of 24.6 EH/s across its seven data centers.

The company earned nearly $31.6 million from bitcoin sales in June and continues to engage with potential clients for its remaining 230 MW of infrastructure. These developments align with their strategy to leverage high-power digital infrastructure in response to growing AI-driven data center demand.

Core Scientific has announced a significant new contract with CoreWeave, an AI Hyperscaler, to deliver approximately 70 MW of additional infrastructure for high-performance computing (HPC) operations. This contract, part of a previously announced 200 MW, 12-year deal, will increase Core Scientific's total owned and contracted infrastructure for HPC hosting to approximately 270 MW.

The site modifications are slated to begin in the second half of 2024, with operations expected by the second half of 2025. The new agreement is projected to add $1.225 billion in cumulative revenue over 12 years, on top of the previously announced $3.5 billion.

Core Scientific's CEO, Adam Sullivan, highlighted the company's ability to rapidly deploy and build application-specific data centers to meet future computing needs. The agreement also includes options for two five-year renewal terms and further expansion possibilities, potentially making Core Scientific one of the largest data center operators in the U.S., with a total of nearly 500 MW for HPC hosting.

Core Scientific, one of North America's largest bitcoin mining and hosting service providers, announced it will webcast its Investor and Analyst presentation on June 12, 2024. The event will begin at 11:15 am CT and end at 1:15 pm CT. It will feature CEO Adam Sullivan, CFO Denise Sterling, EVP of Data Center Operations Matt Brown, and other management team members. The live webcast and slide presentation can be accessed online, with a call-in option available at +1 (877) 407-1875 (toll-free) or +1 (215) 268-9909, using confirmation number 13747030. An archived recording and presentation slides will be available on the Core Scientific website.