Core Scientific Plans to Increase Hashrate to 42 EH/s by Year End

The miner said demand for its hosting capacity remains strong and continues to exceed available supply.

AccessTimeIconMar 7, 2022 at 3:32 p.m. UTC
Updated May 11, 2023 at 3:59 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Core Scientific (CORZ), the largest publicly traded bitcoin (BTC) miner in North America by hashrate, plans to solidify its leading position by reaching a hashrate of 40 EH/s-42 EH/s by the end of this year.

  • The hashrate will be distributed approximately evenly between its self-mining and hosting segments, the company said in a statement on Monday.
  • Core Scientific said its construction and power team is on pace to achieve 1.2-1.3 gigawatt of operating infrastructure by year's end.
  • “We ended 2021 operating data centers in four states with total mining capacity of 13.5 EH/s. Two months later we were operating in five states, with a sixth state in view, and had increased our hashrate to 15.9 EH/s," said CEO Mike Levitt.
  • The company also announced preliminary 2021 revenue of $515 million to $545 million, versus FactSet's consensus analyst estimate for $469.9 million. Preliminary adjusted earnings before interest, taxes, depreciation (EBITDA) was $225 million to $235 million, versus the analyst consensus estimate of $205.5 million.
  • The shares of the miner were up 3.6% on Monday, while bitcoin is roughly flat over the last 24 hours and peer Marathon Digital (MARA) is down about 1.7% on Monday. Marathon said in December that it expects to increase its hashrate to about 23.3 EH/s by early 2023.
  • How Miners Are Preparing for the Next Bitcoin Halving
    13:37
    How Miners Are Preparing for the Next Bitcoin Halving
  • Bitcoin Breaks $30,000; Fed Chair Powell Says Central Bank Needs ‘Robust’ Role Overseeing Stablecoins
    02:00
    Bitcoin Breaks $30,000; Fed Chair Powell Says Central Bank Needs ‘Robust’ Role Overseeing Stablecoins
  • Bitcoin’s Activity Pushes Average Transaction Fee to Nearly 2-Year High
    05:15
    Bitcoin’s Activity Pushes Average Transaction Fee to Nearly 2-Year High
  • Bitcoin Core Developer Luke Dashjr Calls Out Unauthorized Ordinal NFT With His Name
    05:41
    Bitcoin Core Developer Luke Dashjr Calls Out Unauthorized Ordinal NFT With His Name
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Aoyon Ashraf

    Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.