Core Scientific reports increased bitcoin mining By Investing.com

AUSTIN, Texas – Core Scientific, Inc. (NASDAQ:CORZ), a prominent bitcoin mining company, announced its operational achievements for February 2024, highlighting an increase in its self-mining hash rate and the completion of significant miner payments. The company, which operates approximately 222,000 owned and hosted bitcoin miners, disclosed that it earned 893 bitcoins through self-mining and its customers earned an estimated 307 bitcoins in its data centers during the month.

The increase in self-mining hash rate was attributed to the redeployment of earlier-generation miners, which were replaced by more efficient S19j XP (NASDAQ:) units in January. This strategic move capitalized on favorable bitcoin pricing and contributed to an enhanced bitcoin earning capacity for the company.

Core Scientific’s CEO, Adam Sullivan, noted the company’s focus on managing investments to maintain financial strength. By completing all miner payments due in 2024, the company is directed to concentrate on new miner purchases and organic infrastructure growth.

The company’s data centers, located across Georgia, Kentucky, North Carolina, North Dakota, and Texas, now boast a total energized hash rate of 25.1 EH/s. Core Scientific’s owned fleet of miners, accounting for about 77% of its total miners, has a hash rate of 18.9 EH/s.

Additionally, Core Scientific provides hosting services for approximately 51,000 customer-owned bitcoin miners, making up roughly 23% of the miners in its data centers. These hosted miners earned an estimated 307 bitcoins in February, including rewards paid to the company under proceeds sharing agreements.

Core Scientific also supports local grids by reducing power consumption at its data centers, which contributed 941 megawatt hours to grid partners in February. This practice aids in stabilizing electrical grids, particularly during periods of high demand due to temperature fluctuations.

The company’s recent deployment of new S19j XP miners from Bitmain, completed in January, allowed the redeployment of de-energized prior generation miners. Core Scientific has also accelerated the delivery of additional Bitmain S21 miners, with the process beginning in mid-March 2024.

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