Core Scientific, Inc. (Nasdaq: CORZ) ("Core Scientific" or “the Company”), a leader in bitcoin mining and application-specific digital infrastructure for emerging high-value compute, today announced the start of a project to complete a 72-megawatt expansion of the Company’s Denton, Texas data center.
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Core Scientific is a leader in bitcoin mining and application-specific digital infrastructure for emerging high-value compute (Graphic: Business Wire)
“Owning and controlling all of our infrastructure with access to ready power gives us the strategic optionality to expand our mining capacity, deploy upgrades to our proprietary mining technology stack, reallocate miners to optimize for efficiency and even flex to alternative forms of compute when such opportunities arise,” said Adam Sullivan, Core Scientific’s Chief Executive Officer. “By expanding our capacity while focusing on fleet efficiency and hash rate productivity, we believe we will remain positioned for success in the post-halving environment.”
In addition to its 745-megawatts of operational infrastructure, Core Scientific owns 372 megawatts of partially built infrastructure at its two Texas data centers. The start of the Denton data center project represents the beginning of a multi-year program to complete the partially built infrastructure and expand the Company’s capacity by 372-megawatts. The goal of this expansion program is to deliver more than 20 additional exahash of mining hash rate at an average incremental cost of approximately $200,000 per megawatt, or less than half the cost of new construction or asset acquisition.
Core Scientific’s Denton, Texas data center currently operates 125 megawatts of bitcoin mining with total contracted power of approximately 300 megawatts. The Company’s Pecos, Texas data center currently operates 71 megawatts of bitcoin mining across two sites with total contracted power of 250 megawatts.
Mr. Sullivan continued, “The exceptional performance of our data center operations team recently enabled us to deliver 16 megawatts of capacity to our high-performance computing customer in Austin, Texas more than 30 days ahead of schedule. This achievement underscores our team’s ability to expand our infrastructure successfully and highlights the emerging growth opportunity in hosting alternative forms of compute.”
Core Scientific data centers representing more than 500 megawatts of operational bitcoin mining infrastructure are qualified to host alternative forms of compute, based on the Company’s flexible facility designs, their proximity to major metropolitan areas and access to high bandwidth fiber telecommunications infrastructure. The Company believes that the cost to convert some of its bitcoin mining infrastructure to alternative compute hosting is lower than for new construction and its completion time could be as much as 50% faster, delivering strong financial benefits to high-performance computing hosting clients.
ABOUT CORE SCIENTIFIC
Core Scientific is one of the largest bitcoin miners and hosting solutions providers for bitcoin mining in North America. Transforming energy into high value compute with superior efficiency at scale, we employ our own large fleet of computers (“miners”) to earn bitcoin for our own account and provide hosting services for large bitcoin mining customers at our seven operational data centers in Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1) and Texas (2). We derive the majority of our revenue from earning bitcoin for our own account (“self-mining”). To learn more, visit www.corescientific.com
FORWARD LOOKING STATEMENTS AND EXPLANATORY NOTES
This press release includes “forward-looking statements” within the meaning of the 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. The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and other factors, which could include, but are not limited to, the following: risks and uncertainties relating to the Company’s ability to achieve significant cash flows from operations; the effects of the emergence from the Company’s chapter 11 cases on the Company’s liquidity, results of operations and business; the trading price and volatility of the Company’s common stock; the comparability of the Company’s post-emergence financial results to its historical results and the projections filed with the bankruptcy court in the Company’s chapter 11 cases; changes in the Company’s business strategy and performance, including as a result of changes to the Company’s board of directors or management; the possibility that the Company may be unable to achieve its business and strategic goals; the Company’s post-bankruptcy capital structure; attraction and retention of key personnel; the Company’s ability to achieve expected benefits from restructuring activities; restrictions on the Company’s operations contained in the agreements governing the Company’s indebtedness; the Company’s ability to generate sufficient cash to reduce its indebtedness and its potential need and ability to incur further indebtedness; the impact of the halving event; actions taken by third parties, including the Company’s creditors and other stakeholders, as well as other risk factors set forth in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. 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 subject to a number of risks and uncertainties, including those identified in the Company’s reports filed with the U.S. Securities & Exchange Commission, and 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.
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