Core Scientific Inc (CORZ) revealed its production and operations update for August, highlighting a shift in focus towards high-performance computing (HPC) hosting while navigating challenges in the bitcoin mining landscape.
The company reported a decline in self-mined bitcoin, earning 358 BTC in August, down from 411 BTC in July. This decrease was attributed to a combination of factors, including miners being relocated to new data centers, increased global network hash rate and difficulty, and the company’s strategic shift towards HPC hosting.
Despite the decrease in self-mined bitcoin, Core Scientific achieved a significant milestone, having self-mined a total of 5,275 bitcoin year-to-date. The company also reported that its hosting customers mined 90 bitcoin during the month with a hosting hash rate of 4.9 EH/s.
To accommodate its growing HPC hosting contracts, Core Scientific is actively modifying its facilities. This includes removing bitcoin mining infrastructure from two existing facilities and redeploying the miners to dedicated bitcoin mining sites. This strategic maneuver underscores the company’s commitment to expand its HPC hosting services while maintaining its presence in the bitcoin mining sector.
The company’s total energized hash rate during August reached 25.4 EH/s. In line with its business strategy, Core Scientific sold 375 bitcoin during the month, generating approximately $22.5 million in proceeds. As of August’s end, the company operated approximately 214,000 bitcoin miners across its data centers.
Core Scientific’s commitment to sustainability is evident in its efforts to reduce power consumption at its data centers. The company reported successfully reducing power consumption on multiple occasions during August, delivering 58,733 megawatt hours to local electrical grids.
Looking ahead, Core Scientific is focused on delivering 382 contracted megawatts of infrastructure for HPC by 2026. The company is also actively seeking additional sites to accommodate new clients this year. The company’s CEO, Adam Sullivan, expressed his commitment to this strategic direction, stating, “A great deal of work lies ahead as we focus on delivering 382 contracted megawatts of infrastructure for HPC through 2026 and aim to secure additional sites for new clients this year.”
Core Scientific’s stock price closed at $19.83 at the time of publication, down 0.4% according to Benzinga Pro. The company’s strategic shift towards HPC hosting and its ongoing efforts to optimize bitcoin mining operations highlight its adaptability and commitment to securing its position in the evolving cryptocurrency and technology landscapes.
