Core Scientific Announces October 2023 Production and Operations Updates

Rhea-AI Summary

Core Scientific, a leader in blockchain computing data centers, has released production and operations updates for October 2023. The company operated approximately 199,000 bitcoin miners and produced 910 self-mined bitcoin and an estimated 417 bitcoin from colocated miners. They sold 977 bitcoin, generating approximately $28.8 million in sales proceeds. Core Scientific operates in multiple states and supports grid operations to enhance electrical grid stability.

Positive

• Core Scientific operated approximately 199,000 bitcoin miners in October, positioning them among the largest bitcoin miners in North America.
• The company produced 910 self-mined bitcoin and an estimated 417 bitcoin from colocated miners.
• Core Scientific sold 977 bitcoin, generating approximately $28.8 million in sales proceeds.
• The company reduced power consumption at its data centers and delivered 18,063 megawatt hours to local grid partners to support grid operations and enhance electrical grid stability.

Negative

• None.

• Operated approximately 199,000 owned and colocated bitcoin miners
• Produced 910 self-mined bitcoin and an estimated 417 bitcoin from colocated miners

AUSTIN, Texas--(BUSINESS WIRE)-- Core Scientific, Inc. (OTC: CORZQ) ("Core Scientific" or “the Company”), a leader in high-performance blockchain computing data centers and software solutions, today released production and operations updates for October 2023.

Core Scientific designs its data centers with heat aisles to optimize miner performance without HVAC systems (Photo: Business Wire)

“Our 724 megawatts of installed power and total October production of more than 1,300 self-mined and customer-mined bitcoin in our data centers continue to place us among the largest bitcoin miners in North America,” said Adam Sullivan, Core Scientific Chief Executive Officer. "In addition to our leading scale, the quality and capabilities of our team set us apart in our industry and position us for efficient growth through and beyond the next halving.”

Key Metrics Summary

Metric		October 2023		September 2023
Self-Mining Bitcoin Produced1		910		965
Colocation Bitcoin Produced2		417		461
Average Self-Mined Bitcoin Produced/Day		29.4		32.2
Self-Mining Energized Hash rate3		15.1		15.0
Colocation Energized Hash rate4		6.4		7.2
Total Energized Hash rate		21.5		22.3
Bitcoin Sold		977		1,040
Bitcoin Sales Proceeds ($USD)		Appx. $28.8 million		Appx. $27.3 million
Average Self-Mining Fleet Efficiency (j/TH)5		28.96		28.96

^{__________________________}

¹ Self-Mining Bitcoin Produced represents bitcoin rewards produced by bitcoin miners owned and operated by Core Scientific
² Colocation Bitcoin Produced represents estimated bitcoin rewards produced by colocated customer-owned miners operated by Core Scientific, including bitcoin rewards 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
⁴ Colocation Energized Hash Rate represents the total rated capacity of all colocated bitcoin miners owned by customers, installed and operating in Core Scientific’s data centers
⁵ Average Self-Mining Fleet Efficiency (J/TH) represents the weighted average power consumption in Joules per terahash based on the rated efficiency and capacity of each model of miner operating in Core Scientific’s owned self-mining fleet

Data Centers

As of month-end, the Company operated approximately 199,000 bitcoin miners for both self-mining and colocation, representing a total energized hash rate of 21.5 EH/s at its data centers in Georgia, Kentucky, North Carolina, North Dakota and Texas.

Self-Mining

Core Scientific produced 910 bitcoin in October from its owned fleet of miners. As of month end, the Company operated approximately 145,000 owned bitcoin miners, accounting for approximately 73% of its total number of miners and representing a total energized hash rate of 15.1 EH/s.

Colocation Services

In addition to its self-mining fleet, Core Scientific provided data center colocation services, technology and operating support for approximately 53,000 colocated, customer-owned bitcoin miners, representing approximately 27% of the bitcoin miners operating in the Company’s data centers as of October 31. Customer-owned bitcoin miners produced approximately 417 bitcoin in October, including bitcoin rewards paid to the Company pursuant to proceeds sharing agreements.

Grid Support

The Company reduced the consumption of power at its data centers based on economic factors and to support grid operations in October, delivering 18,063 megawatt hours to local grid partners. By supporting the grid in such a fashion, Core Scientific helps grid operators keep power flowing to their customers when temperatures rise and air conditioning use increases, and when temperatures drop and heating use increases. Core Scientific works with utility companies and the communities in which it operates to enhance electrical grid stability.

ABOUT CORE SCIENTIFIC

Core Scientific (OTC: CORZQ) is one of the largest blockchain computing data center providers and miners of digital assets in North America. Core Scientific has operated blockchain computing data centers in North America since 2017, using its facilities and intellectual property portfolio for colocated digital asset mining and self-mining. Core Scientific operates data centers in Georgia, Kentucky, North Carolina, North Dakota and Texas. Core Scientific’s proprietary Minder® fleet management software combines the Company’s colocation expertise with data analytics to deliver maximum uptime, alerting, monitoring and management of all miners in the Company’s network. To learn more, visit http://www.corescientific.com.

FORWARD LOOKING STATEMENTS AND EXPLANATORY NOTES

Certain statements in this press release constitute “forward-looking statements'' within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “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. These forward-looking statements include, but are not limited to, statements regarding the future benefit of certain contracts, anticipated date of Company emergence from Chapter 11, statements related to the Company’s ability to scale and grow its business, meet its expected operating plan, source clean and renewable energy, the advantages and expected growth of the Company, future estimates of revenue, net income, adjusted EBITDA, total debt, free cash flow, liquidity and future financing availability, future estimates of computing capacity and operating capacity, future demand for colocation capacity, future estimate of hash rate (including mix of self-mining and colocation) and operating gigawatts, future projects in construction or negotiation and future expectations of operation location, orders for miners and critical infrastructure, future estimates of self-mining capacity, the public float of the Company’s shares, future infrastructure additions and their operational capacity, and operating capacity and site features of the Company’s operations and planned operations. These statements are provided for illustrative purposes only and are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are based on information available as of the date of this press release and current expectations, forecasts and assumptions and are subject to a number of risks and uncertainties, including, but not limited to, the Company’s ability to obtain bankruptcy court approval with respect to motions in its Chapter 11 cases, successfully enter into and implement a restructuring plan, emerge from Chapter 11 and achieve significant cash flows from operations; the effects of the Chapter 11 cases on the Company and on the interests of various constituents, bankruptcy court rulings in the Chapter 11 cases and the outcome of the Chapter 11 cases in general, the length of time the Company will operate under the Chapter 11 cases, risks associated with any third-party motions in the Chapter 11 cases, the potential adverse effects of the Chapter 11 cases on the Company’s liquidity or results of operations and increased legal and other professional costs necessary to execute the Company’s reorganization; satisfaction of any conditions to which the Company’s debtor-in-possession financing is subject and the risk that these conditions may not be satisfied for various reasons, including for reasons outside of the Company’s control; the consequences of the acceleration of the Company’s debt obligations; the trading price and volatility of the Company’s common stock as well as other risk factors set forth in the Company’s reports filed with the U.S. Securities & Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Please follow us on:

https://www.linkedin.com/company/corescientific/

https://twitter.com/core_scientific

View source version on businesswire.com: https://www.businesswire.com/news/home/20231106809268/en/

Investors:

ir@corescientific.com

Media:

press@corescientific.com

Source: Core Scientific, Inc.

FAQ

What is the name of the company that released the production and operations updates?

The company is Core Scientific, Inc.

How many bitcoin miners did Core Scientific operate in October?

Core Scientific operated approximately 199,000 bitcoin miners.

How many self-mined bitcoin did Core Scientific produce in October?

Core Scientific produced 910 self-mined bitcoin.

How much bitcoin did Core Scientific sell in October?

Core Scientific sold 977 bitcoin.

How much sales proceeds did Core Scientific generate from bitcoin sales in October?

Core Scientific generated approximately $28.8 million in sales proceeds.

What did Core Scientific do to support grid operations in October?

Core Scientific reduced power consumption at its data centers and delivered 18,063 megawatt hours to local grid partners.