Core Scientific to Expand its Denton, Texas Bitcoin Mining Data Center by 72 Megawatts
April 16 2024 - 9:10AM
Business Wire
- Completion of partially built structures will increase total
operational infrastructure at Denton data center to 197 MW, total
Company-owned infrastructure to 817 MW
- Completion expected by end of second quarter 2024
- Expansion highlights strategic advantage of owning and
controlling infrastructure and access to power
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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