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AUSTIN, Texas - Core Scientific, Inc. (NASDAQ:CORZ), a key player in digital infrastructure for bitcoin mining and high-performance computing, has shared unaudited production and operational updates for September 2024. The company reported mining 345 bitcoins in September, contributing to a total of 5,621 bitcoins mined year-to-date and 1,115 bitcoins in the third quarter. Additionally, Core Scientific's hosted clients earned an estimated 66 bitcoins at the company's data centers during the same month.
The company's self-mining energized hash rate stood at 20.4 exahashes per second (EH/s), while the hosting energized hash rate was 3.0 EH/s, totaling a combined energized hash rate of 23.4 EH/s by the end of September. Core Scientific sold 370 bitcoins in September, with sales proceeds amounting to approximately $22.2 million.
Core Scientific's CEO, Adam Sullivan, highlighted the company's progress on projects aimed at expanding its digital infrastructure. The company completed the migration of all ASIC miners from two of its bitcoin mining data centers, which are being converted for high-performance computing (HPC) purposes. Work has also commenced on a substation at its Muskogee, OK site, where a new 100-megawatt data center is planned. Furthermore, the expansion of the Pecos, TX bitcoin mining data center is on schedule, with completion expected in the first half of 2025.
The company also provided details on its grid support efforts, revealing that it reduced power consumption at its data centers multiple times, contributing 45,262 megawatt-hours to local electrical grids. These reductions were primarily due to economic curtailments, over-temperature events, and load response.
As of the end of September, Core Scientific operated approximately 198,000 bitcoin miners for both self-mining and hosting, with about 175,000 owned bitcoin miners and approximately 22,000 hosted, customer-owned bitcoin miners.
The information provided in this article is based on a press release statement from Core Scientific.
In other recent news, Core Scientific has reported significant developments in its operations and financial strategies. The company recently sold 375 bitcoins, generating approximately $22.5 million in sales proceeds. Core Scientific also secured $6.7 billion in high-performance computing contracts, including a 12-year agreement with CoreWeave, which is expected to contribute $2.0 billion to its cumulative revenue.
Additionally, Core Scientific has announced its intention to offer $350 million in convertible senior notes due in 2029, aiming to repay outstanding loans and other corporate purposes. The company also repaid $267 million in high-interest debt, a move facilitated by the proceeds from its recent convertible senior notes offering.
Core Scientific was initiated with a Buy rating by Canaccord Genuity, based on the company's recent deal with Coreweave for high-performance computing hosting. Analysts from Cantor Fitzgerald and H.C. Wainwright have also given Core Scientific positive ratings, reflecting confidence in the company's recent developments.
Furthermore, Core Scientific announced that CFO Denise Sterling is set to step down by May 2025, with the company initiating a search for her successor. These are the recent developments at Core Scientific.
InvestingPro Insights
Core Scientific's recent operational update aligns with several key financial metrics and trends identified by InvestingPro. The company's market capitalization stands at $3.15 billion, reflecting its significant presence in the bitcoin mining sector.
InvestingPro data shows that Core Scientific's revenue for the last twelve months as of Q2 2024 was $575.23 million, with a notable revenue growth of 8.25% over the same period. This growth is consistent with the company's reported bitcoin production and sales figures for September.
An InvestingPro Tip highlights that Core Scientific has seen a strong return over the last month, with a price total return of 30.79% as of the latest data. This positive momentum is likely influenced by the company's ongoing operational improvements and expansion projects mentioned in the article.
Another relevant InvestingPro Tip indicates that analysts predict the company will be profitable this year. This projection is particularly interesting given Core Scientific's reported EBITDA of $176.86 million for the last twelve months, representing a substantial EBITDA growth of 517.26%.
It's worth noting that InvestingPro offers 12 additional tips for Core Scientific, providing investors with a more comprehensive analysis of the company's financial health and market position. These insights can be valuable for those looking to delve deeper into Core Scientific's investment potential in the dynamic cryptocurrency mining sector.
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