AUSTIN, Texas - Core Scientific, Inc. (NASDAQ:CORZ), a prominent bitcoin mining and hosting provider, announced a record-setting March 2024 in bitcoin earnings, according to its latest unaudited production and operations update. The company reported self-mining 906 bitcoin and facilitating the earning of an estimated 309 bitcoin for its customers at its data centers during the month.
The update highlighted the deployment of approximately 2,500 S21 miners, part of a larger order aimed at boosting the company's hash rate. As of March 31, Core Scientific's total operational hash rate reached 25.6 exahash, with the owned infrastructure now expanded to 745 megawatts.
In addition to its mining operations, Core Scientific delivered 16 megawatts of infrastructure for a high-performance computing client, completing the task over 30 days ahead of schedule. This early delivery is expected to accelerate the client's GPU deployment.
Core Scientific operates approximately 224,000 bitcoin miners across its data centers located in Georgia, Kentucky, North Carolina, North Dakota, and Texas. The company's self-mining fleet consists of roughly 173,000 miners, while hosting services are provided for approximately 51,000 customer-owned miners.
The company's efforts to support the electrical grid were also noted, with the reduction of power consumption at its data centers during peak times in March, contributing 6,063 megawatt hours to local grid partners.
Financially, Core Scientific sold 981 bitcoin in March, with sales proceeds amounting to approximately $66.3 million. This contributes to a first-quarter total of approximately $160.8 million in bitcoin sales proceeds.
Looking forward, Core Scientific expects to continue its expansion, with the remaining S21 miners from the current order scheduled to be deployed by the end of April 2024. The company's goal is to achieve a self-mining energized hash rate of 21.8 exahash by year-end.
The information in this article is based on a press release statement from Core Scientific, Inc.
InvestingPro Insights
Core Scientific, Inc. (NASDAQ:CORZ) has recently demonstrated a significant achievement in bitcoin earnings for March 2024. While the company's operational success is noteworthy, potential investors and shareholders may also be interested in the financial health and market performance of the company. Here are some key insights from InvestingPro that could provide a more comprehensive view of Core Scientific's current standing:
InvestingPro Data reveals that Core Scientific has a market capitalization of approximately $619.81 million. Despite the company's strong operational metrics, its revenue over the last twelve months as of Q4 2023 has seen a decline of 21.54%, indicating potential challenges in its growth trajectory. On the other hand, the gross profit margin remains solid at 24.57%, suggesting that while revenue has decreased, the company maintains a relatively healthy level of profitability on the cost of goods sold.
From an investment standpoint, the company's price to earnings (P/E) ratio stands at -5.20, with an adjusted P/E ratio for the last twelve months as of Q4 2023 at -6.24. This negative P/E ratio could be a concern for investors, as it indicates that the company is not currently profitable. Additionally, the return on assets for the same period is -32.44%, which may raise questions about the company's efficiency in using its assets to generate earnings.
InvestingPro Tips suggest that Core Scientific's valuation implies a strong free cash flow yield, which could be attractive for investors looking for potential cash generation. However, it's also important to note that analysts anticipate a sales decline in the current year and do not expect the company to be profitable this year. Moreover, Core Scientific does not pay a dividend to shareholders, which may influence the investment decisions of income-focused investors.
For those interested in a deeper analysis and additional InvestingPro Tips for Core Scientific, visit https://www.investing.com/pro/CORZ. There are a total of 8 additional tips available on InvestingPro that could further inform your investment decisions. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering a more comprehensive understanding of the company's prospects and performance.
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