Core Scientific, Inc. - CORZ STOCK NEWS

Core Scientific (NASDAQ: CORZ) reported impressive second quarter 2022 results, with self-mining bitcoin production increasing by 1,769% to 3,365 bitcoins and total revenue rising by 118% to $164 million compared to Q2 2021. Despite this, the company faced significant challenges, including a $1.09 billion operating loss due to impairments and increased costs. The digital asset mining revenue surged 920%, contributing to a gross profit of $12.7 million, yet this reflected a 48% decline from the previous year. The outlook remains optimistic with a targeted hashrate of 30-32 EH/s for 2022.

Core Scientific (NASDAQ: CORZ) reported significant operational updates for July 2022. The company operated approximately 195,000 ASIC servers, achieving a hashrate of 19.3 EH/s, the largest capacity among publicly traded firms in North America. In July, Core Scientific mined 1,221 bitcoins and signed colocation agreements that are projected to generate $50 million in annual revenue. However, extreme temperatures caused operational curtailments and limited production gains, amounting to 8,157 MWh.

NFN8 GROUP has successfully installed the first ANTMINER S19 XP units in the U.S. at Core Scientific's Dalton, GA data center. This milestone was highlighted at the World Digital Mining Summit in Miami on July 26, 2022. The ANTMINER S19 XP boasts a hash rate exceeding 140T with 27% better power efficiency than its predecessor, promising a six-year lifecycle. Core Scientific's collaboration with BITMAIN and NFN8 marks a significant step into the future of digital currency mining, showcasing advancements in energy-efficient technologies.

Core Scientific, Inc. (NASDAQ: CORZ) plans to release its second-quarter financial results after market close on August 11, 2022. A conference call will follow at 3:30 PM CT hosted by CEO Mike Levitt, CFO Denise Sterling, and SVP Steven Gitlin. Investors can join the call by phone or via a live audio webcast available on the Company’s Investor Relations website. Additionally, an audio replay will be accessible post-event until August 25, 2022. Core Scientific is a leading blockchain data center operator in North America.

Core Scientific, Inc. (NASDAQ: CORZ) has signed a colocation agreement to enhance its hosting capacity with an additional 75MW of ASIC servers. This agreement is expected to generate approximately $50 million in annual revenue once fully deployed. Prepayments from the agreement will facilitate the necessary infrastructure, with server deployment commencing in Q3 2022 and expected completion by year-end. Core Scientific aims to operate about 325,000 ASIC servers across its data centers by the end of 2022. The CEO emphasized commitment to expansion and support for the Bitcoin Network.

Core Scientific (NASDAQ: CORZ) announced a $100 million common stock purchase agreement with B. Riley Principal Capital. This agreement grants Core Scientific the option to sell its common stock over a 24-month period, enhancing its liquidity during challenging market conditions. Additionally, the company aims to strengthen its balance sheet while focusing on expanding its self-mining and colocation services. Core Scientific issued 573,381 shares as consideration for B. Riley’s investment commitment, with further details to be disclosed in a Current Report.

Core Scientific (NASDAQ: CORZ) reported significant operational updates for June 2022, including the production of 1,106 self-mined bitcoins, averaging 39.8 bitcoins daily by month-end. The company operates over 180,000 ASIC servers, achieving a hash rate of 17.9 EH/s. Daily self-mining increased by 14% compared to June 1. A second quarter earnings call is scheduled for August 11, 2022. Despite challenging market conditions and increased curtailment activity, Core Scientific aims to maintain growth, with plans to deploy an additional 70,000 ASIC servers.

Core Scientific (NASDAQ: CORZ) has been included in the Russell 3000 Index effective June 27, 2022, following the annual reconstitution. This inclusion recognizes the company's strong market position in blockchain data centers and software solutions, less than six months post-IPO. Core Scientific's CEO, Mike Levitt, expressed optimism for future growth and shareholder value creation. Russell indexes are significant benchmarks for investment strategies, with around $12 trillion in assets linked to them.

Core Scientific, Inc. (NASDAQ: CORZ) reported operational updates for May 2022, highlighting the operation of over 170,000 ASIC servers across five data centers. The company produced 1,138 bitcoins, averaging 36.7 per day, despite a decrease in production due to network difficulty increases and curtailments. Core Scientific has over 90,000 ASIC servers generating 9.2 EH/s and continues to expand operations in Texas and Oklahoma. The CEO emphasized the company’s strong balance sheet to pursue growth opportunities amidst market dislocation.