Scale, Stability and Carbon Neutral Power Drive
Demand for U.S. Hosting at Core Scientific
Core Scientific Holding Co. ("Core Scientific" or “the
Company”), a leader in customizable infrastructure to large scale
customers for blockchain hosting and digital asset mining, today
announced that Atlas Mining, one of the largest digital asset
miners in the world, has selected Core Scientific to host a large
quantity of new Bitcoin miners that will require more than 100 MW
of power when fully implemented. Installation of the new miners is
expected to take place over a 15-month period.
“We are honored that Atlas Mining has chosen Core Scientific as
its primary hosting partner in the United States,” said Mike
Levitt, Chief Executive Officer of Core Scientific. “Core
Scientific’s unmatched scale in North America enables us to
accommodate the largest digital asset miners seeking to operate in
a stable environment and with a net carbon neutral footprint. We
look forward to a long-term partnership that will deliver
best-in-class hosting services to Atlas Mining.”
“Core Scientific is our partner of choice in North America
because of their ability to scale, deep knowledge of blockchain
data center operations and professionalism,” said Raymond Yuan,
Founder of Atlas Mining. “Core Scientific’s commitment to 100% net
carbon neutral operations, innovation that drives profitability,
and deep industry partnerships align very well with our values, and
we look forward to a long, productive relationship.”
Core Scientific is one of the largest blockchain infrastructure
providers in North America, utilizing its facilities and technology
for both hosted mining and self-mining of digital assets. Core
Scientific owns and operates data centers in North Carolina,
Kentucky and Georgia. A new data center in North Dakota is
scheduled to begin operation in the fourth calendar quarter of
2021. Core Scientific’s proprietary Minder® fleet management
software combines the company’s hosting expertise with data
analytics to deliver maximum uptime, alerting, monitoring and
management of all miners in the Company’s network.
Core Scientific is a founding member of the Bitcoin Mining
Council, which is dedicated to promoting transparency, sharing best
practices and educating the public on the benefits of Bitcoin and
Bitcoin mining.
About Core Scientific
Core Scientific is a best-in-class, large scale operator of
dedicated, purpose-built facilities for digital asset mining and a
premier provider of blockchain infrastructure, software solutions
and services. As announced on July 21, 2021, Core Scientific
entered into a definitive agreement with Power & Digital
Infrastructure Acquisition Corp. (“XPDI”) (Nasdaq: XPDI, XPDW,
XPDIU), a special purpose acquisition company, which would result
in Core Scientific becoming a publicly listed company upon
receiving regulatory approval, approval by Core Scientific’s and
XPDI’s stockholders of the proposed merger and satisfaction of
other customary closing conditions. To learn more, visit
www.corescientific.com.
About Atlas Mining
Atlas Mining maintains an extensive computing network and
digital infrastructures in multiple countries and regions across
North America, North Europe and Middle Asia. The distributed
operation brings boundless growth potential to the company, thus
placing Atlas Mining in a truly unique position in this industry.
In addition to the business expansion, Atlas Mining also helps in
creating more job opportunity locally along with the long-standing
commitment to advancing initiatives across ESG topics. It aims to
empower the digital future with an anti-fragile network.
Forward Looking Statements
This press release includes "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 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 facts. These
forward-looking statements are inherently subject to risks,
uncertainties and assumptions. Such forward-looking statements
include, but are not limited to, statements regarding possible or
assumed future actions, business strategies, events or results of
operations; projections, estimates and forecasts of revenue and
other financial and performance metrics; projections of market
opportunity and expectations; the estimated implied enterprise
value of the combined company following the proposed merger between
XPDI and Core Scientific (the “Transaction”); the combined
company's ability to scale and grow its business and source clean
and renewable energy; the advantages and expected growth of the
combined company; the combined company's ability to source and
retain talent; the cash position of the combined company following
closing of the Transaction; XPDI's and Core Scientific's ability to
consummate the Transaction; expectations related to the terms,
timing and benefits of the Transaction; risks related to the novel
coronavirus ("COVID-19") pandemic or the emergence of variant
strains of COVID-19; the maintenance of key strategic relationships
with partners and distributors; and changes in laws and
regulations, including tax laws and laws relating to protection of
the environment. These statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectations of XPDI's and Core Scientific's management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and 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 XPDI and Core
Scientific. These forward-looking statements are subject to a
number of risks and uncertainties, including the ability of XPDI
and Core Scientific to successfully or timely consummate the
proposed Transaction, including the risk that necessary regulatory
approvals are not obtained, are delayed or are subject to
unanticipated conditions that could adversely affect the combined
company or the expected benefits of the proposed Transaction or
approval of the stockholders of XPDI; failure to realize the
anticipated benefits of the proposed Transaction; the combined
company's ability to execute on its business model, potential
business expansion opportunities and growth strategies, retain and
expand customers' use of its services and attract new customers and
source and maintain talent; risks relating to the combined
company's sources of cash and cash resources; risks relating to the
blockchain and frontier technology infrastructure sectors,
including the unregulated nature of the digital asset space and
potential future regulations, volatility of the price of digital
assets, changes in the award structure for solving digital assets
and limited availability of electric power resources; risks
relating to Core Scientific's and the combined company's
vulnerability to security breaches; risks relating to the
uncertainty of the projected financial information with respect to
the combined company; the combined company's ability to manage
future growth; the effects of competition on the combined company's
future business; the amount of redemption requests made by XPDI's
public stockholders; the ability of XPDI or the combined company to
issue equity or equity-linked securities in connection with the
proposed Transaction or in the future; the outcome of any potential
litigation, government and regulatory proceedings, investigations
and inquiries; the impact of the COVID-19 pandemic on Core
Scientific's or the combined company's business and the global
economy; and those factors discussed in XPDI's final prospectus
related to its initial public offering dated February 9, 2021 under
the heading "Risk Factors," in XPDI's Quarterly Report on Form 10-Q
for the quarter ended March 31, 2021 under the heading "Risk
Factors" filed with the SEC on May 25, 2021 and other documents of
XPDI filed, or to be filed, with the SEC. If any of these risks
materialize or XPDI's or Core Scientific's assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that neither XPDI nor Core Scientific presently
know or that XPDI and Core Scientific currently believe are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect XPDI's and Core Scientific's
expectations, plans or forecasts of future events and views as of
the date of this press release. XPDI and Core Scientific anticipate
that subsequent events and developments will cause XPDI's and Core
Scientific's assessments to change. However, while XPDI and Core
Scientific may elect to update these forward-looking statements at
some point in the future, XPDI and Core Scientific specifically
disclaim any obligation to do so. These forward-looking statements
should not be relied upon as representing XPDI's and Core
Scientific's assessments as of any date subsequent to the date of
this press release. Accordingly, undue reliance should not be
placed upon the forward-looking statements.
As of June 30, 2021, over 50% of the power used in Core
Scientific’s operation was generated from non-carbon emitting
sources by local power providers pursuant to long-term power
contracts. The Company determines whether power is generated from
non-emitting energy sources from dispatch reports or grid
generation mix reports provided by our power providers. Based on
these reports Core Scientific purchased Green-e certified renewable
energy credits (“RECs”) to offset 100% of our carbon consumption.
The Company expects to maintain its 100% net carbon neutrality by
increasing its overall use of renewable power and by purchasing
RECs when necessary.
Additional Information and Where to Find It
The proposed Transaction will be submitted to stockholders of
XPDI for their approval. The Registration Statement on Form S-4
that XPDI has filed with the SEC includes a proxy
statement/prospectus, which will be distributed to XPDI's
stockholders in connection with XPDI's solicitation of proxies for
the vote on the proposed Transaction. After the Registration
Statement has been declared effective, XPDI will mail the proxy
statement/prospectus to XPDI stockholders as of the record date
established for voting on the proposed Transaction and other
matters to be presented at the special meeting of XPDI
stockholders. XPDI's stockholders and other interested persons are
advised to read the preliminary proxy statement/prospectus and any
amendments thereto because these documents contain important
information about XPDI, Core Scientific and the proposed
Transaction. Stockholders may also obtain a copy of the proxy
statement/prospectus, as well as other documents filed with the SEC
regarding the proposed Transaction and other documents filed with
the SEC by XPDI, without charge, at the SEC's website located at
www.sec.gov or by directing a request to 321 North Clark Street,
Suite 2440, Chicago, IL 60654.
Participants in the Solicitation
XPDI, Core Scientific and certain of their respective directors,
executive officers and other members of management and employees
may, under SEC rules, be deemed to be participants in the
solicitations of proxies from XPDI's stockholders in connection
with the proposed Transaction. Information regarding the persons
who may, under SEC rules, be deemed participants in the
solicitation of XPDI's stockholders in connection with the proposed
Transaction will be set forth in XPDI's proxy statement/prospectus
that has been filed with the SEC. You can find more information
about XPDI's directors and executive officers in XPDI's final
prospectus related to its initial public offering dated February 9,
2021. Additional information regarding the participants in the
proxy solicitation and a description of their direct and indirect
interests is included in the proxy statement/prospectus.
Stockholders, potential investors and other interested persons
should read the proxy statement/prospectus carefully before making
any voting or investment decisions. You may obtain free copies of
these documents from the sources indicated above.
No Offer or Solicitation
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211005005198/en/
Investors: Steven Gitlin ir@corescientific.com
Media: press@corescientific.com
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