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 Mar 7, 2022 at 5:20 p.m. UTC

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

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.

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

CoinDesk - Unknown

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