Contracts with Greenidge Generation Holdings, Ault Alliance, and LM Funding host nearly 18K Bitcoin mining machines; positioned for continued growth thanks to unmatched hosting capacity
AUSTIN, Texas--(BUSINESS WIRE)--$CORZQ #bitcoin--Core Scientific, Inc. (“Core Scientific” or the “Company”) (OTC: CORZQ), a leader in high-performance blockchain computing data centers and software solutions, today announced agreements to host 17,935 Bitcoin mining machines at Core Scientific’s state-of-the-art facilities with three companies, including 6,914 units for Greenidge Generation Holdings (NASDAQ: GREE), 10,000 units for Ault Alliance (NYSE American: AULT), and 1,021 units for LM Funding (NASDAQ: LMFA). These agreements position Core Scientific for long-term growth as the Company completes its reorganization process. As one of the largest Bitcoin miners in North America, Core Scientific has an unmatched capacity and capability to host, operate, and maintain mining machines at its world class facilities.
Core Scientific will host the mining units at its facilities in Dalton, GA, Calvert City, KY and Denton, Texas. In total, these 17,935 units represent a total spec computing power of 1.88 exahashes per second and ~55 megawatts of data center rack space. 900 LM Funding units and 3,000 Ault Alliance units are already online and hashing, and 121 additional LM Funding units will be online by the end of April. 7,000 additional Ault Alliance units and 6,914 Greenidge units will all be online and hashing in May.
“The signing of these agreements are illustrative of Core Scientific’s industry leading hosting and mining capabilities and the strong demand for our services within our world class mining facilities,” said Russell Cann, Head of Mining. “We are eager to work with Greenidge Generation Holdings, Ault Alliance, and LM Funding as they expand their Bitcoin mining operations in North America, and we look forward to strengthening our hosting relationships.”
Core Scientific expects to have significant additional capacity in the near future to host additional mining equipment. In that regard, the company is engaged in conversations for potential hosting agreements with other customers.
Core Scientific is well positioned for sustained growth following completion of its reorganization. Core Scientific has maintained its status as a leader in the Bitcoin mining industry thanks to a combination of its cutting-edge facilities, unparalleled capacity, and top notch team; and the company believes the reorganization process will solidify this position and raise the bar for future success.
ABOUT CORE SCIENTIFIC
Core Scientific (OTC: CORZQ) is one of the largest blockchain computing data center providers and miners of digital assets in North America. Core Scientific has operated blockchain computing data centers in North America since 2017, using its facilities and intellectual property portfolio for colocated digital asset mining and self-mining. Core Scientific operates data centers in Georgia, Kentucky, North Carolina, North Dakota and Texas. Core Scientific’s proprietary Minder® fleet management software combines the Company’s colocation expertise with data analytics to deliver maximum uptime, alerting, monitoring and management of all miners in the Company’s network. To learn more, visit https://www.corescientific.com.
FORWARD-LOOKING STATEMENTS AND EXPLANATORY NOTES
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 matters. These forward-looking statements include, but are not limited to, those related to the Company’s ability to scale and grow its business, meet its expected operating plan, source clean and renewable energy, the advantages and expected growth of the Company, future estimates of revenue, net income, adjusted EBITDA, total debt, free cash flow, liquidity and future financing availability, future estimates of computing capacity and operating capacity, future demand for colocation capacity, future estimate of hash rate (including mix of self-mining and colocation) and operating gigawatts, future projects in construction or negotiation and future expectations of operation location, orders for miners and critical infrastructure, future estimates of self-mining capacity, the public float of the Company’s shares, future infrastructure additions and their operational capacity, and operating capacity and site features of the Company’s operations and planned operations. 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, but not limited to, the Company’s ability to obtain bankruptcy court approval with respect to motions in its Chapter 11 cases, successfully enter into and implement a restructuring plan, emerge from Chapter 11 and achieve significant cash flows from operations; the effects of the Chapter 11 cases on the Company and on the interests of various constituents, bankruptcy court rulings in the Chapter 11 cases and the outcome of the Chapter 11 cases in general, the length of time the Company will operate under the Chapter 11 cases, risks associated with any third-party motions in the Chapter 11 cases, the potential adverse effects of the Chapter 11 cases on the Company’s liquidity or results of operations and increased legal and other professional costs necessary to execute the Company’s reorganization; satisfaction of any conditions to which the Company’s debtor-in-possession financing is subject and the risk that these conditions may not be satisfied for various reasons, including for reasons outside of the Company’s control; the consequences of the acceleration of the Company’s debt obligations; the trading price and volatility of the Company’s common stock as well as other risk factors set forth in the Company’s reports filed with the U.S. Securities & Exchange Commission. 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.
Month over month comparisons are based on the combined results of Core Scientific and its acquired entities and are unaudited.
Core Scientific provides this and any future similar unaudited updates to provide shareholders with visibility into the Company’s results and progress toward previously announced capacity and operational projections.
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Jessica Schaefer for Core Scientific