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Core Scientific, Inc. shares moved higher Wednesday as markets witnessed the first interest rate cut from the Federal Reserve in four years.
The Details: Bitcoin miner Core Scientific's stock has climbed more than 20% over the past five days, as investors anticipated an interest rate cut.
The Federal Reserve announced a 50 basis points (bps) cut Wednesday, bringing the federal funds rate down to a range of 4.75%-5% and increasing the appeal of risk assets like stocks and cryptocurrencies.
Core Scientific shares climbed throughout Wednesday's session and spiked to an intraday high of $12.48 just after the announcement from Fed Chairman Jerome Powell.
Read Next: NVIDIA, Salesforce Announce Strategic AI Collaboration: What To Know
Earlier this month, Core Scientific CEO Adam Sullivan shared plans with Bernstein analysts to significantly expand the company's AI data center services, potentially boosting its valuation to a range of $25 billion to $30 billion.
According to data from Benzinga Pro, Core Scientific shares are trading above the stock’s 50-day moving average of $10.05 and just under its 52-week high of $12.25.
CORZ Price Action: According to Benzinga Pro, Core Scientific shares ended Wednesday's session up 4.79% at $12.03.
Read Also:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Reporter Name | Patten Jarrod M |
Relationship | Director |
Type | Purchase |
Amount | $24,752 |
SEC Filing | Form 4 |
Core Scientific Director, Patten Jarrod M, purchased 2,240 shares of Common Stock on September 13, 2024, at a price of $11.05 per share, totaling $24,752. Following this transaction, Patten Jarrod M directly owns 300,000 shares of Core Scientific.
SEC Filing: Core Scientific, Inc./tx [ CORZ ] - Form 4 - Sep. 16, 2024
Reporter Name | Patten Jarrod M |
Relationship | Director |
Type | Purchase |
Amount | $21,210 |
SEC Filing | Form 4 |
Core Scientific Director, Jarrod M Patten, purchased 2,100 shares of Common Stock on September 11, 2024, at a price of $10.1 per share, totaling $21,210. Following this transaction, Patten directly owns 297,760 shares of Core Scientific.
SEC Filing: Core Scientific, Inc./tx [ CORZ ] - Form 4 - Sep. 12, 2024
Reporter Name | Patten Jarrod M |
Relationship | Director |
Type | Purchase |
Amount | $20,790 |
SEC Filing | Form 4 |
Core Scientific Director, Jarrod M Patten, purchased 2,100 shares of Common Stock on September 10, 2024, at a price of $9.9 per share, totaling $20,790. Following this transaction, Patten directly owns 295,660 shares of Core Scientific.
SEC Filing: Core Scientific, Inc./tx [ CORZ ] - Form 4 - Sep. 11, 2024
In a major expansion move, CleanSpark Inc. is slated to acquire seven Bitcoin mining facilities in Knoxville, Tennessee, expanding the miner's current hashrate by over 22%.
What Happened: CleanSpark's acquisition includes the associated land and is projected to enhance its current hashrate by over 22%, reaching 5 exahashes per second (EH/s) once the latest S21 Pro miners are installed, The Block reported.
The expansion will be facilitated immediately after the closing of each site, with the seven sites totaling 85 MW and ranging in size from 10 MW to 20 MW.
"With this additional 5 EH/s expected to begin hashing over the coming weeks, we now expect to achieve 37 EH/s before the end of 2024,” stated CleanSpark CEO Zach Bradford as reported by theBlock.
He further noted that the company’s strategy is to leverage the political and energy environment in Tennessee, similar to Georgia, where CleanSpark has deployed nearly $1 billion of capital and operates nearly 500 MW.
Also Read: CleanSpark Nears Death Cross As Bitcoin Production Slows: More Pain Ahead?
Why It Matters: This acquisition is a strategic move for CleanSpark, which is already one of the three largest bitcoin producers, alongside MARA Holdings and Core Scientific .
The deal also underscores the company's commitment to its growth strategy, leveraging favorable political and energy environments to expand its operations. The expected increase in hashrate will significantly boost the company’s bitcoin production, potentially leading to increased revenues and profitability in the long run.
In its latest earnings report, CleanSpark reported an increase of 129% in its quarterly revenue coupled with a 24% increase in hashrate during the quarter.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Reporter Name | Weiss Eric Stanton |
Relationship | Director |
Type | Purchase |
Amount | $46,050 |
SEC Filing | Form 4 |
Eric Stanton Weiss, a Director at Core Scientific, purchased 5,000 shares of Common Stock on September 9, 2024, at a price of $9.21 per share, totaling $46,050. Following this transaction, Weiss directly owns 195,239 shares of Core Scientific.
SEC Filing: Core Scientific, Inc./tx [ CORZ ] - Form 4 - Sep. 10, 2024
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