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Core Scientific, Inc. (NASDAQ: CORZ) is a leading provider of blockchain infrastructure, software solutions, and services in North America. Operating prominent facilities for digital asset mining and colocation services, Core Scientific is at the forefront of integrating cutting-edge technology with robust operational capabilities.
The company’s business activities are primarily divided into two key segments: Equipment Sales and Hosting and Mining. The Equipment Sales and Hosting segment encompasses blockchain infrastructure, third-party hosting services, and equipment sales to a diverse range of customers. Core Scientific's robust blockchain infrastructure supports third-party clients by offering consumption-based contracts and premium hosting services, ensuring high uptime and efficiency.
The Mining segment is dedicated to digital asset mining, leveraging the company’s owned computer equipment to process blockchain transactions. In return, Core Scientific earns digital currency assets, reinforcing its position in the blockchain ecosystem.
Core Scientific is also pioneering in the field of Artificial Intelligence, offering blockchain technology and AI infrastructure services. These services cater to various industry needs, from data processing to advanced computational tasks, thereby broadening its technological footprint.
The firm continuously strives for innovation and growth, evident from its recent partnerships and projects aimed at enhancing blockchain technology and AI capabilities. Core Scientific's solid financial condition and strategic initiatives highlight its commitment to leading the digital transformation in blockchain and AI sectors.
Core Scientific (NASDAQ: CORZ), a leader in high-powered digital infrastructure, has signed 12-year contracts with AI hyperscaler CoreWeave to provide approximately 200 MW of infrastructure for high-performance computing (HPC) operations. These contracts aim to generate over $3.5 billion in revenue over the initial term. Core Scientific will modify its existing sites to host CoreWeave’s NVIDIA GPUs, with operations expected to commence in the second half of 2024 and become fully operational by mid-2025. The agreement will enhance Core Scientific’s business model, balancing bitcoin mining and compute hosting, and is expected to deliver significant, recurring, and high-margin revenues, estimated at around $290 million annually.
Core Scientific (NASDAQ: CORZ), a bitcoin mining leader, announced that CEO Adam Sullivan will present at the 19th Annual Needham Technology, Media, & Consumer Conference on May 16, 2024, at 8:00 am EDT. The presentation will cover the company's advancements in application-specific digital infrastructure. A live webcast and a replay will be available on Core Scientific's website.
Core Scientific, Inc. (NASDAQ: CORZ) announced strong fiscal first quarter 2024 results, highlighted by net income of $210.7 million, adjusted EBITDA of $88.0 million, and total revenue of $179.3 million. The company strengthened its balance sheet, ending the quarter with $98.1 million in cash and cash equivalents. Core Scientific operated the largest owned infrastructure footprint among publicly listed miners in North America, with 745 megawatts of infrastructure. The company improved its self-mining fleet energy efficiency and earned 2,825 self-mined bitcoins, the highest among publicly listed miners in North America. Core Scientific also announced plans to expand into high-performance computing, leveraging its operational infrastructure and access to 1.2 gigawatts of power.
Core Scientific, Inc. (Nasdaq: CORZ) announced production and operations updates for April 2024, showcasing strong performance in bitcoin mining. The company earned 803 self-mined bitcoins and its customers earned 265 bitcoins in April, with a total of 3,628 bitcoins year-to-date. Core Scientific completed the deployment of 2.5 EH/s of S21 miners, operating approximately 224,000 owned and hosted bitcoin miners for a total energized hash rate of 26.7 exahash as of April 30, 2024. The company plans to add 372 megawatts of new infrastructure to increase hash rate and enhance revenue potential.
Core Scientific, Inc. (NASDAQ: CORZ) will release its first quarter fiscal year 2024 financial results after markets close on May 8, 2024. The company will host a conference call and webcast to discuss the results with management including CEO Adam Sullivan, CFO Denise Sterling, and SVP Investor Relations Steven A. Gitlin. Investors can access the live webcast on the company's website.
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