Core Scientific out with Update

Core Scientific, Inc. (NASDAQ: CORZ) shares plunged Friday, as the company one of the largest owners and operators of high-powered digital infrastructure for bitcoin mining and hosting services in North America, today, released unaudited production and operations updates for June

“In June, we secured HPC hosting contracts for a total of 270 MW of our infrastructure, representing cumulative potential revenue of more than $4.7 billion over the 12-year terms,” said CEO Adam Sullivan. “These agreements mark the beginning of a significant expansion of our hosting business and demonstrate the value of our high-power digital infrastructure. We continue to engage with multiple potential clients on our remaining 230 MW of infrastructure available for HPC hosting, including our initial client, CoreWeave, which retains a time-limited, non-exclusive option on the remaining capacity. We also continue to evaluate site acquisition opportunities to expand our footprint beyond the 1.2 GW of power we have currently contracted.”

Core Scientific earned 430 bitcoin in June from its owned fleet of miners. As of month end, the Company operated approximately 164,000 owned bitcoin miners, representing approximately 80% of the bitcoin miners operating in its data centers and a total energized hash rate of 19.4 EH/s. To support the expansion of the Company’s HPC hosting business, bitcoin miners will be migrated from data centers designated for HPC hosting to bitcoin mining data centers. As of the end of June, approximately 1 EH/s of miners were in migration.

CORZ shares dropped 14 cents, or 1.4%, to $9.98.

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