![[Core-Scientific-Logo.svg|300]] Website: [corescientific.com](https://corescientific.com) ### Introduction Core Scientific, founded in 2017 by Michael Levitt and Darin Feinstein, is a leading provider of high-density computing solutions and one of the largest Bitcoin mining companies in the United States. Headquartered in Austin, Texas, the company focuses on building and operating data centers for blockchain and high-performance computing (HPC) workloads. While exact employee numbers are not publicly disclosed in the most recent data, Core Scientific has established a significant presence in the digital infrastructure space with multiple facilities across North America. Its mission is to provide scalable, energy-efficient computing solutions to support the growing demands of cryptocurrency mining and other compute-intensive industries. Core Scientific is a publicly traded company listed on the Nasdaq under the ticker symbol CORZ. The company emerged from Chapter 11 bankruptcy in early 2024 after filing for protection in December 2022 due to financial distress caused by declining Bitcoin prices and high debt levels. Since its restructuring, Core Scientific has focused on strengthening its balance sheet and diversifying its revenue streams, including a strategic pivot toward HPC and AI infrastructure alongside Bitcoin mining. [Source: CoinDesk](https://www.coindesk.com) ### Key Products and Technology Core Scientific’s primary focus is on digital infrastructure for Bitcoin mining and HPC, with the following key offerings: - **Bitcoin Mining Operations (ASIC Miners)** - **Type**: Application-Specific Integrated Circuits (ASICs) for Bitcoin mining. - **Technical Specifications**: The company operates a large fleet of mining rigs with a reported self-mining capacity that earned 6,595 Bitcoin in 2024 across its facilities. Specific hashrate figures vary, but Core Scientific historically accounts for a significant portion of the Bitcoin network’s computing power (previously reported at around 10%). [Source: Core Scientific Investor Relations](https://investors.corescientific.com) - **Energy Source**: Primarily grid electricity with a growing emphasis on renewable energy integration, though specific fuel mix details are not fully disclosed in recent updates. - **Key Differentiators**: High-density data center design optimized for energy efficiency and scalability; strategic locations near low-cost power sources. - **Development Stage**: Fully operational with ongoing expansions and upgrades to mining hardware. - **Target Customers**: Self-mining for company revenue and hosting services for third-party miners. - **High-Performance Computing (HPC) Infrastructure** - **Type**: Data center solutions for AI, machine learning, and other compute-intensive workloads. - **Technical Specifications**: Facilities designed for high-density computing with robust cooling and power management systems; specific power output or efficiency metrics are not publicly detailed in recent reports. - **Energy Source**: Similar to mining operations, reliant on grid power with a focus on cost-effective and sustainable sources. - **Key Differentiators**: Pivot from pure Bitcoin mining to diversified HPC services, leveraging existing infrastructure for AI contracts; signed a significant 12-year, $10 billion HPC deal in 2024. - **Development Stage**: Operational with rapid expansion into AI hosting following first contracts in 2024. - **Target Customers**: Technology companies, AI developers, and data-intensive industries. ### Regulatory and Licensing Status As a Bitcoin mining and data center operator, Core Scientific does not fall under nuclear regulatory oversight like the Nuclear Regulatory Commission (NRC). Instead, its regulatory considerations primarily involve compliance with local and state energy regulations, environmental standards, and financial reporting requirements as a public company under the U.S. Securities and Exchange Commission (SEC). - The company has faced no significant recent regulatory hurdles specific to its mining operations based on available data, though it must adhere to evolving energy usage and environmental impact guidelines in its operating regions. - Key regulatory milestones include its successful emergence from Chapter 11 bankruptcy in January 2024, which involved restructuring agreements approved by [[Federal|federal]] bankruptcy courts. - There are no specific timelines for "commercial deployment" in the nuclear sense, as Core Scientific’s facilities are already operational. However, its strategic pivot to HPC and potential exit from Bitcoin mining by 2028 (as reported by the Wall Street Journal) will likely involve ongoing compliance with data center zoning and energy consumption regulations. [Source: WSJ via X](https://x.com/CorySwan/status/2003668015335055776) ### Team and Leadership Core Scientific’s leadership team includes experienced professionals in technology, energy, and finance. Key executives include: - **Adam Sullivan (CEO)**: Appointed CEO in 2023 during the company’s restructuring, Sullivan brings expertise in corporate turnarounds and technology infrastructure. Previously, he held leadership roles at XMS Capital Partners and other financial advisory firms. - **Todd DuChene (President and Chief Legal Officer)**: Oversees legal and strategic operations, with a background in corporate law and technology sectors. - **Michael Levitt (Co-Founder and Chairman Emeritus)**: A co-founder with deep experience in technology and finance, Levitt played a key role in the company’s early growth. Verified X handles for individual leaders are not widely publicized or confirmed in recent data, and thus are omitted to avoid speculation. ### Funding and Financial Position - **Total Funding Raised**: Specific pre-IPO funding details are limited in current public records. However, Core Scientific raised significant capital through debt and equity prior to its public listing via a SPAC merger in 2021. - **Public Company Status**: As of late 2024, Core Scientific’s market cap is not precisely stated in the most recent updates, but its stock (CORZ) has seen substantial gains, quadrupling in value during 2024 after signing its first AI contract in February. The stock has gained an additional 10% in 2025 year-to-date. [Source: WSJ via X](https://x.com/CorySwan/status/2003668015335055776) - **Recent Stock Performance**: The company’s stock was upgraded to "Outperform" from "Market Perform" by Citizens in December 2025, reflecting optimism about its pivot to HPC. [Source: X Post](https://x.com/miningstockinfo/status/2001597146911399974) - **Key Investors**: Post-bankruptcy, Core Scientific has attracted institutional interest, though specific names are not detailed in the latest reports. Historical backers included entities tied to its SPAC merger. - **Revenue Status**: The company is revenue-generating, with income from self-mined Bitcoin (6,595 BTC in 2024) and hosting services, alongside new HPC contracts expected to drive future growth. [Source: Core Scientific Investor Relations](https://investors.corescientific.com) ### Recent News and Developments | Date | Event | Details | |---------------|------------------------------------|---------------------------------------------------------------------------------------------| | Dec 24, 2025 | Stock Performance Update | Shares reported to have quadrupled in 2024, with a 10% gain in 2025, tied to AI contracts. [Source: WSJ via X](https://x.com/CorySwan/status/2003668015335055776) | | Dec 18, 2025 | Analyst Upgrade | Core Scientific upgraded to "Outperform" by Citizens, signaling confidence in growth. [Source: X Post](https://x.com/miningstockinfo/status/2001597146911399974) | | Apr 7, 2025 | March Production Update | Released operational updates for March 2025, continuing focus on mining and HPC. [Source: BusinessWire](https://www.businesswire.com/news/home/20250407552909/en/Core-Scientific-Announces-March-2025-Production-and-Operations-Updates) | | Jan 6, 2025 | December 2024 Production Update | Earned 291 self-mined Bitcoin, totaling 6,595 for 2024; focus on fourth-quarter results. [Source: Core Scientific Investor Relations](https://investors.corescientific.com/news-events/press-releases/detail/104/core-scientific-announces-december-2024-production-and-operations-updates) | | Nov 5, 2024 | October 2024 Production Update | Earned 369 self-mined Bitcoin, totaling 5,990 year-to-date; client earnings reported. [Source: Core Scientific Investor Relations](https://investors.corescientific.com/news-events/press-releases/detail/97/core-scientific-announces-october-2024-production-and-operations-updates) | ### Partnerships and Collaborations - **[[CoreWeave]] (Potential Takeover Decline, 2024)**: Core Scientific declined a $1 billion takeover offer from [[CoreWeave]], a cloud computing company, in June 2024, opting to pursue independent growth in HPC and AI infrastructure. This decision underscores its strategic focus on long-term value creation over immediate acquisition. [Source: Bitcoin News via X](https://x.com/BitcoinNewsCom/status/1800490666285539445) - **Unnamed AI Client (HPC Contract, 2024)**: Signed a landmark 12-year, $10 billion contract for HPC services in February 2024, marking a significant pivot from Bitcoin mining to diversified compute infrastructure. This partnership positions Core Scientific as a key player in AI hosting. [Source: WSJ via X](https://x.com/CorySwan/status/2003668015335055776) ### New Hampshire Relevance Core Scientific’s infrastructure and technology have limited direct relevance to [[New Hampshire]]’s energy landscape, particularly in the context of nuclear or grid-scale power initiatives like those tied to [[Seabrook Station]] or ISO-NE grid priorities. However, there are potential applications to consider: - **Proximity to Infrastructure**: Core Scientific does not currently operate facilities in New Hampshire or the immediate Northeast, with its data centers located in states like Texas, Georgia, and North Dakota. Expansion into NH could leverage proximity to ISO-NE grid infrastructure for HPC workloads. - **Technology Readiness**: Its data center solutions are fully operational and could be deployed in NH relatively quickly if demand for Bitcoin mining or AI computing emerges, though no specific plans have been announced. - **Legislative Alignment**: NH’s legislative initiatives like HB 710 (focused on SMRs and clean energy) do not directly align with Core Scientific’s mining or HPC focus. However, the state’s interest in data center growth could provide a future entry point. - **Potential Applications**: Core Scientific’s HPC infrastructure could support NH data center loads for tech industries or universities, though its energy-intensive operations may face scrutiny under local sustainability goals. - **NH Connections**: There is no documented interest or connection to New Hampshire or the Northeast in recent public data, limiting immediate relevance. ### Competitive Position Core Scientific operates in a competitive space with other Bitcoin mining and data center providers. Compared to competitors like [[CleanSpark]] ([[[CleanSpark|cleanspark]].com](https://www.cleanspark.com)) and [[MARA|Marathon Digital Holdings]], Core Scientific stands out for its early pivot to HPC and AI infrastructure, evidenced by its $10 billion contract in 2024. CleanSpark emphasizes energy innovation and renewable integration, which could pose a sustainability advantage over Core Scientific’s less transparent energy mix. Marathon focuses heavily on Bitcoin mining scale, potentially outpacing Core Scientific in pure mining output but lacking diversification. A key risk for Core Scientific is its planned exit from Bitcoin mining by 2028, which introduces uncertainty if HPC contracts fail to scale as expected. ### Closing Note Core Scientific is at a pivotal stage, transitioning from a Bitcoin mining leader to a diversified HPC provider with a promising outlook driven by recent AI contracts and stock performance. *Report generated December 24, 2025*