CoinJiexi.com Report:
According to data from CryptoQuant on September 24th, the year-to-date return of Core Scientific, a public Bitcoin miner, has increased by 248%. The data shows that Core Scientific is far ahead of the other two publicly traded Bitcoin miners, TeraWulf Limited (WULF) and Iris Energy Limited (IREN), whose returns have increased by 96% and 10% respectively.
Core Scientific reported on September 23rd that since January 2020, it has obtained 12.3 self-mined BTC in a 24-hour period (starting from September 22nd), 253.7 self-mined Bitcoins so far this month, 5528 self-mined Bitcoins year-to-date, and 38,079 self-mined Bitcoins.
Ki Young-Ju, the founder and CEO of CryptoQuant, stated that Core Scientific has signed a 12-year contract with CoreWeave, and the initial revenue is expected to exceed 3.5 billion US dollars.
After announcing Chapter 11 bankruptcy in December 2022, Bitmain invested 54 million US dollars in stocks of Bitcoin miners, and this Bitcoin miner reappeared in January 2024.
Core Scientific’s stock price skyrocketed, with a return rate soaring by 248%.
The largest publicly listed mining company in Bitcoin with the highest stock price increase this year is Core Scientific, growing by 248%. It has signed a 12-year contract with CoreWeave, and the initial revenue is expected to exceed 3.5 billion US dollars. pic.twitter.com/rAFqjxQd7f – Ki Young-Ju (@Ki_Young_Ju) September 24, 2024
The CEO of CryptoQuant confirmed that since January 2024, the stock income of this Bitcoin miner has increased by 248%. Zhu affirmed the dominant position of Bitcoin’s hash rate, but mentioned that the movement is slow. He stated that China leads, with 55% of mining pools operated by relatively small miners, while institutional miners in the United States account for 55%.
Adam Sullivan, the CEO of Core Scientific, said on September 19th that this Bitcoin mining company focuses on maximizing revenue in all circumstances through its cutting-edge proprietary software and flexible energy contracts. He claimed that compared to other Bitcoin miners, the key driving factors behind the recent Bitcoin halving have little impact on the mining costs of this miner.
“We are essentially a digital infrastructure company, which has made us the largest Bitcoin mining company in terms of megawatts and output in the past three years.” – Adam Sullivan
Sullivan explained that as a digital infrastructure company, Core Scientific has become a leader in Bitcoin mining and is now positioning itself as an emerging leader in digital infrastructure supporting artificial intelligence computing.
Core Scientific’s partnerships and overlapping AI and crypto strategies:
In January 2024, Core Scientific approved a restructuring plan. With the company’s stocks relisted on Nasdaq, its debt reduced by $400 million. This Bitcoin miner also raised $55 million through a rights offering and obtained an $80 million exit loan from bondholders.
On CNBC’s “Fast Money” program, Sullivan revealed that the miner’s goal for 2025 and 2026 is to become a leader in high-performance computing (HPC) and increase revenue through artificial intelligence.
In August, Sullivan also told BNN Bloomberg that as part of its restructuring plan, Core Scientific has grown from bankruptcy to a multi-billion-dollar enterprise. Russell Cann, the Chief Development Officer of Core Scientific, pointed out that Core Scientific stands out because not every Bitcoin miner can successfully operate an artificial intelligence data center, despite some structural similarities.
On July 10th, Core Scientific announced one of the largest ASIC procurement agreements with Block Limited for the deployment of Block’s 3nm ASIC mining chips. The agreement aims to decentralize Bitcoin mining and contribute nearly 15 EH/s to mining operations per second.
Bitcoin miners also generate revenue by processing transactions. CoreWeave is expected to contribute over $3.5 billion in revenue over the next 12 years.