AUSTIN, Texas–(BUSINESS WIRE)–June 6, 2022–
Form 4 section, the third sentence should read as follows: Mr. Feinstein also informed the Company that he had made the necessary sales (instead of Mr. Feinstein also informed the Company that he had made the necessary sales.).
Core Scientific Calvert City, KY Data Center (Photo: Business Wire)
The updated version reads as follows:
BASIC SCIENTIFIC ANNOUNCEMENTS MAY UPDATE
- Operates over 170,000 owned and co-located ASIC servers in company data centers
- Produces over 1,100 self-mined bitcoins
Core Scientific, Inc. (NASDAQ: CORZ) (“Core Scientific” or “the Company”), a leader in data center and high-performance blockchain software solutions, today announced production and operational updates for May 2022.
“We now operate over 170,000 high-performance ASIC servers across our five data centers and produced 1,138 bitcoins for our own account in May, more than any other public company in North America,” said Mike Levitt, Chief Executive Officer. from Core Scientific. “Our size and balance sheet provide the flexibility to continue to invest in our growth and seize opportunities that may arise from recent market and industry dislocation.”
Core Scientific continued to develop and expand its operations in Texas and Oklahoma, while Company-owned and operated data centers in Georgia, Kentucky, North Carolina and North Dakota continued to operate as intended. At the end of the month, the Company operated a total of more than 180,000 servers of all types in its data centers.
Core Scientific’s self-mining operations produced 1,138 bitcoins in May, an average of 36.7 bitcoins per day, down from April’s daily average of 37.4. The decrease in average daily bitcoin production is primarily the result of increased bitcoin network difficulties on April 27 and May 10 totaling around 10%, in addition to multiple reductions in response to local network operations. As of May 31, 2022, the Company held 8,058 bitcoins produced from its operations.
At the end of May, Core Scientific operated its own fleet of over 90,000 ASIC servers, producing 9.2 PE/s.
In addition to its self-mining fleet, as of May 31, 2022, Core Scientific provided data center colocation services, technology and operational support for a growing and diverse group of customers representing 7.9 PE/s and over 80,000 ASIC servers.
In May, the company shut down part of its Texas data center operations 13 times for a total of 1,218 megawatt hours. Core Scientific will continue to work with the communities and utility companies in which it operates to enable and ensure power grid stability.
Darin Feinstein, co-chairman and one of the company’s founding shareholders, recently filed Forms 4 regarding his sale of company stock. Mr. Feinstein advised the Company that the shares were sold to provide capital to satisfy certain PSU conversion taxes and other liabilities. Mr. Feinstein has also informed the Company that he has made the necessary sales. Please refer to Forms 4 filed with the SEC for more information.
Core Scientific is one of the largest publicly traded blockchain data center providers and digital asset miners in North America. Core Scientific has been operating blockchain data centers in North America since 2017, using its facilities and intellectual property portfolio which has reached over 70 patents or applications for mining and self-mining of co-located digital assets. Core Scientific operates data centers in Georgia, Kentucky, North Carolina, North Dakota and Texas, and plans to begin operations in Oklahoma in the second half of 2022. Proprietary Minder® fleet management software from Core Scientific combines the company’s colocation expertise with data analytics to provide maximum availability, alerting, monitoring and management of all miners on the company’s network. To learn more, visit http://www.corescientific.com.
FORWARD-LOOKING STATEMENTS AND EXPLANATORY NOTES
This press release contains “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 can be identified by the use of words such as “estimate, ” plan”, “project”, “anticipate”, “intend”, “shall”, “expect”, “anticipate”, “believe”, “seek”, “target”, or other similar expressions predict or indicate future events or trends or are not statements of historical matters. These forward-looking statements include, but are not limited to, those relating to the Company’s ability to grow and grow its business, source clean and renewable energy, the Company’s benefits and expected growth, future revenue estimates, net income, EBITDA, total debt, future free cash flow and financing activities, future estimates of computing capacity and operating capacity, future demand for colocation capacity, future hashrate estimate (including mix of self-operated and co-located) and operating gigawatts, future projects under construction or negotiation and future expectations regarding operating location, miner and critical infrastructure orders, future estimates of self-extraction capacity, the public float of the Company’s shares, future infrastructure additions and their operational capacity, as well as the ca operating pacy and site characteristics of the Company’s operations center in Denton, Texas. 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 should not be relied upon by, an investor as a guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from the assumptions. Many actual events and circumstances are beyond the Company’s control. These forward-looking statements are subject to a number of risks and uncertainties, including those identified in the Company’s reports filed with the United States Securities & Exchange Commission, and should any of these risks materialize or If 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 on forward-looking statements.
Year-over-year comparisons are based on the combined results of Core Scientific and its acquired entities.
Core Scientific is providing this update and all future similar unaudited updates to provide shareholders with visibility into the company’s results and progress toward previously announced capacity and operational projections.
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KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT OTHER PROFESSIONAL SERVICES TECHNOLOGY SOFTWARE INTERNET FINANCE
SOURCE: Core Scientific, Inc.
Copyright BusinessWire 2022.
PUBLISHED: 06/06/2022 09:59 AM/DISC: 06/06/2022 09:59 AM
