CORZ Shares Down 3.37%, Core Scientific Announces August Operational Updates
- The Company’s Georgia, Kentucky, North Carolina, and North Dakota data center facilities continue to operate at capacity.
- Core Scientific noted that it is continuing to build additional capacity in Texas.
- The company said that the deployment of approximately 17,000 new servers in August significantly contributed to the 1,334 Btc mined.
Core Scientific Inc. (NASDAQ: CORZ), a high-performance blockchain computing data centers and software solutions company based in Texas, has released its August operational report. According to the report, the company produced approximately 1,334 self-mined Bitcoins last month. Reportedly, the company is operating approximately 225,000 owned and colocated ASIC servers.
Mike Levitt, Core Scientific Chief Executive Officer said that the company recorded more growth in the crypto self-mining market last month. Furthermore, the newly deployed ASIC servers have increased the company’s total hashrate to over 21 EH/s.
Despite reporting a growing market, the company’s stock market, which is heavily correlated to the cryptocurrency industry, continued with its multi-week drop.
According to market data provided by MarketWatch, CORZ shares have lost approximately 79 percent of their value in the past years. The dip has been exacerbated by the recent crypto downside, whereby CORZ shares are down 81 percent YTD.
Core Scientific August Highlights
The North American cryptocurrency mining company is spearheading the industry as a publicly traded organization. Reportedly, the Company’s Georgia, Kentucky, North Carolina, and North Dakota data center facilities continue to operate at capacity. Additionally, Core Scientific noted that it is continuing to build additional capacity in Texas.
The company said that the deployment of approximately 17,000 new servers in August significantly contributed to the 1,334 Btc mined.
Reportedly, the company expanded its stock of self-mining servers last month to 127,716, thereby increasing its hashrate to 12.69 EH/s.
Forward, the company anticipates deploying around 43,000 additional self-mining ASIC servers before the end of this year.
Worth noting, that the company’s self-mining sector accounted for approximately 59 percent of its total hashrate last month. The remaining 41 percent of the hashrate was accounted for by the colocation services.
During August, Core Scientific provided data center colocation services, technology, and operating support to more than 97,000 customer-owned ASIC servers.
In its holding, the company sold 1,125 Bitcoins last month at an average price of $23,014 per BTC. Consequently, the company held around 1,409 Bitcoins and approximately $47.2 million in cash at the end of the month.
The company continues to work with the community around its locations to stabilize the power grid.
“In August, the Company powered down its Texas and other data center operations on several occasions. Curtailments in August totaled 11,057-megawatt hours,” the company noted.
Founded in 2017, Core Scientific has a market capitalization of approximately $757 million. Having been rated seven times in the recent past, CORZ received an average recommendation of Buy. Additionally, the seven ratings according to MarketWatch have the company’s stock market at an average target price of $6.73. At publication time, CORZ shares exchanged hands at around $2, down approximately 4 percent from the day’s opening price.