Business
Core Scientific Announces Agreement to Host 75MW of ASIC Servers
Signed agreement to host 75MW of additional ASIC servers Prepayments will provide capital to fund required infrastructure AUSTIN, Texas--(BUSINESS WIRE)--
About this update from Core Scientific, Inc.
[{"type":"text","content":"\n\nSigned agreement to host 75MW of additional ASIC servers\n\n\nPrepayments will provide capital to fund required infrastructure\n\n\n AUSTIN, Texas--(BUSINESS WIRE)--\nCore Scientific, Inc. (NASDAQ: CORZ) (“Core Scientific” or “the Company”), a leader in high-performance blockchain data centers and software solutions, today announced that it has entered into a colocation agreement to increase its hosting business by 75MW.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220726005505/en/Core Scientific is one of the largest publicly traded blockchain data center providers and miners of digital assets in North America. (Graphic: Business Wire)\nThe recently signed colocation agreement will generate approximately $50 million in annual revenue when the ASIC servers are fully deployed. In addition, the agreement provides for prepayments sufficient to fund the additional infrastructure required to host the 75MW. Server deployments will begin in the third quarter of this year, with full deployment to be completed during 2022. With the addition of these units, the Company expects to be operating approximately 325,000 ASIC servers (combined self-mining and colocation) in its data centers before year end.\n\nIn a statement, Core Scientific’s CEO Mike Levitt said, “This new agreement demonstrates continued customer confidence in Core Scientific’s ability to deliver best-in-class blockchain data center solutions. We remain focused on executing our 2022 plans to expand our capacity, support the Bitcoin Network’s continued growth and create value for all our stakeholders, despite current market challenges. We look forward to providing further details about our progress on August 11th, 2022 during our second quarter earnings conference call.”\n\nABOUT CORE SCIENTIFIC\n\nCore Scientific is one of the largest publicly traded blockchain data center providers and miners of digital assets in North America. Core Scientific has operated blockchain 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, and expects to commence operations in Oklahoma in the second half of 2022. Core Scientific’s pr...