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Core Scientific, Inc. (NASDAQ:CORZ, CORZW, CORZZ))) ("Core Scientific" or "the Company"), a leader in bitcoin mining and digital infrastructure for emerging high-value compute,today released production and operations updates for February 2024.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240305231273/en/
"Owning our own infrastructure provides us with strategic flexibility to respond rapidly to dynamic market conditions," said Adam Sullivan, Core Scientific's Chief Executive Officer. "For example, we increased our self-mining hash rate by 300 petahash largely by redeploying earlier-generation miners. These miners had been replaced with more efficient S19j XP units in January, using newly activated capacity. Capitalizing on strong spot bitcoin pricing, quickly reactivating these miners boosted our hash rate and enhances our bitcoin earnings."
"From a capital expenditures perspective, we continue to manage our investments carefully to ensure our ongoing financial strength. To that end, we completed all miner payments due in 2024 for the S19j XPs and S21s we previously announced, enabling us to focus our remaining investments this year on new miner purchases and our organic infrastructure growth plans," Mr. Sullivan added.
Key Metrics Summary
| Metric | February 2024 | January 2024 |
| Self-Mining Bitcoin Earned1 | 893 | 1,027 |
| Hosting Bitcoin Earned by Customers2 | 307 | 354 |
| Average Self-Mined Bitcoin Earned/Day | 30.8 | 33.1 |
| Self-Mining Energized Hash rate3 | 18.9 | 18.6 |
| Hosting Energized Hash rate4 | 6.2 | 6.2 |
| Total Energized Hash rate | 25.1 | 24.8 |
| Bitcoin Sold | 952 | 1,114 |
| Bitcoin Sales Proceeds ($USD) | Appx. $46.7 million | Appx. $47.8 million |
| Average Self-Mining Fleet Efficiency (J/TH)5 | 26.79 | 26.44 |
Data Centers
As of month-end, the Company operated approximately 222,000 bitcoin miners for both self-mining and hosting, representing a total energized hash rate of 25.1 EH/s at its data centers in Georgia, Kentucky, North Carolina, North Dakota and Texas.
Self-Mining
Core Scientific earned 893 bitcoin in February from its owned fleet of miners. As of month end, the Company operated approximately 171,000 owned bitcoin miners, accounting for approximately 77% of its total number of miners and representing a total energized hash rate of 18.9 EH/s.
Hosting Services
In addition to its self-mining fleet, Core Scientific provided data center hosting services, technology and operating support for approximately 51,000 hosted, customer-owned bitcoin miners, representing approximately 23% of the bitcoin miners operating in the Company's data centers as of February 29. Customer-owned bitcoin miners earned an estimated 307 bitcoin in February, 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 on several occasions in February, delivering 941 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.
New Miner Deployments
As a result of the deployment of 28,400 new S19j XP miners procured from Bitmain under a contract announced on September 21, 2023, and completed this January, a number of prior generation bitcoin miners were de-energized. These de-energized miners were redeployed and re-energized using newly available capacity at two of the Company's data centers, contributing to an increase in self-mining hash rate. The Company completed all payments due for the Bitmain S19j XP miners and completed all payments due in 2024 for the additional 2.5 exahash in Bitmain S21 miners previously announced, while also accelerating their delivery to begin in mid-March, 2024.
Posted In: CORZ
