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COMPUTER HARDWARE & SERVICES | IT Services / Infrastructure & Hosting
corescientific.com

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About Core Scientific

Core Scientific is a cryptocurrency mining infrastructure provider in North America and specializes in customizable infrastructure and software solutions for AI and blockchain. Using modern facilities, proprietary technology, and blockchain hosting solutions, Core Scientific powers servers for large-scale operations and the most complex deep learning AI challenges.

Core Scientific Headquarters Location

2800 Northup Way #220

Bellevue, Washington, 98004,

United States

425-822-1466

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Core Scientific Web Traffic

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Page Views per Million (PVPM)
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Latest Core Scientific News

Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes

Sep 29, 2022

Reading Time: 3 mins read Bitcoin public mining companies have been struggling along with the rest of the crypto market. With the decline in the price of bitcoin, these companies had seen their cash flow decline, driving come to the brink of bankruptcy. However, while it seemed like the losses that public BTC miners have incurred have happened in the bear market run, it goes back even father back. Bitcoin Miners Are Barely Profitable Public bitcoin miners, both large and small, had grown in popularity over the last year. Their stocks allowed investors to bet on the crypto market without having to buy any of the digital assets themselves. Thus, these public miners had seen millions of dollars in revenue. The problem comes from the ability of these companies to actually retain their earnings over their lifetime. The retained earnings are how a company shows its total accumulated net income over its lifetime and looking at the financial statements of these public miners, they are less than encouraging. They shows that most public bitcoin miners have been unable to retain any of their net earnings since they were founded. An obvious problem with these miners have been how much of their earnings is being put towards administrative expenses. This report shows that compared to their counterparts in gold and oil & gas, bitcoin mines used an average of 50% of their earnings for administrative costs. Public miners see in deficit | Source: Arcane Research Additionally, these companies had committed to extensive expansion plans during the bull market that has become harder to pull off in the bear market. This has translated to a steep decline in the retained earnings of most public miners. Are Any Mining Companies Profitable? Over time, there are some public bitcoin miners that have been able to go against the grain and have their retained earnings in the green even during these troubled times. One of those is the Argo Blockchain mining company. In a report by Arcane Research, Argo Blockchain is listed as the only public BTC miner with positive retained earnings of $26 million. The rest of the report paints a grim picture of the bitcoin mining industry. Most of the companies had significant deficits of varying degrees throughout their lifetimes. The largest deficit was recorded by Core Scientific at $1.304 billion. The next in line is Riot Blockchain which had seen a significant deficit of $569 million over its lifetime. Others on the list included Marathon Digital, Hut 8, and Stronghold, with deficits of $357 million, $221 million, and $156 million, respectively. Two others, CleanSpark and Bitframs, came out with deficits of $154 million and $137 million. What this shows is that these companies are spending more money than they are making during this time. The numbers show that even during the bull market, when the cash flow for BTC mining machines was high, most of these companies continued to lose money. So investing in the stocks of these companies should be approached with caution and proper risk management. Featured image from Blockchain News, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Core Scientific Acquisitions

3 Acquisitions

Core Scientific acquired 3 companies. Their latest acquisition was Atrio on July 15, 2020.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

7/15/2020

$99M

Acquired

5

9/27/2019

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$99M

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10

9/27/2019

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$99M

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10

Date

7/15/2020

9/27/2019

9/27/2019

Investment Stage

Companies

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Valuation

$99M

$99M

$99M

Total Funding

Note

Acquired

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Sources

5

10

10

Core Scientific Partners & Customers

10 Partners and customers

Core Scientific has 10 strategic partners and customers. Core Scientific recently partnered with LM Funding America on September 9, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

9/8/2022

Partner

United States

LM Funding America agrees with Core Scientific to operate 1,200 bitcoin mining machines

LM Funding America entered into a hosting agreement with Core Scientific to host and operate 1,200 bitcoin mining machines with the potential to expand .

2

3/14/2022

Partner

United Kingdom

Argo Blockchain signs fleet swap agreement with Core Scientific

Peter Wall , Chief Executive Officer of Argo Blockchain plc , said : `` The agreement with Core Scientific Inc. marks the final step towards our strategic objective of owning and operating all our miners , a path which we chose to pursue in 2020 .

2

11/1/2021

Client

United States

Atlas Announced Its Cooperation With Core Scientific for More Than 100MW Miner Hosting

`` Atlas Technology Group LLC has chosen Core Scientific as our partner in North America because of its ability to scale , deep knowledge of blockchain data center operations and professionalism , '' Raymond Yuan , Founder of Atlas Technology Group LLC said , `` Atlas Technology Group LLC is a global company , and we are committed to leading the industry with our partner Core Scientific .

1

10/13/2021

Partner

United States

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10

10/13/2021

Client

Canada

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10

Date

9/8/2022

3/14/2022

11/1/2021

10/13/2021

10/13/2021

Type

Partner

Partner

Client

Partner

Client

Business Partner

Country

United States

United Kingdom

United States

United States

Canada

News Snippet

LM Funding America agrees with Core Scientific to operate 1,200 bitcoin mining machines

LM Funding America entered into a hosting agreement with Core Scientific to host and operate 1,200 bitcoin mining machines with the potential to expand .

Argo Blockchain signs fleet swap agreement with Core Scientific

Peter Wall , Chief Executive Officer of Argo Blockchain plc , said : `` The agreement with Core Scientific Inc. marks the final step towards our strategic objective of owning and operating all our miners , a path which we chose to pursue in 2020 .

Atlas Announced Its Cooperation With Core Scientific for More Than 100MW Miner Hosting

`` Atlas Technology Group LLC has chosen Core Scientific as our partner in North America because of its ability to scale , deep knowledge of blockchain data center operations and professionalism , '' Raymond Yuan , Founder of Atlas Technology Group LLC said , `` Atlas Technology Group LLC is a global company , and we are committed to leading the industry with our partner Core Scientific .

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Sources

2

2

1

10

10

Core Scientific Team

16 Team Members

Core Scientific has 16 team members, including , .

Name

Work History

Title

Status

Darin Feinstein

Founder

Current

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Name

Darin Feinstein

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Work History

Title

Founder

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Status

Current

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