Core Scientific reports $210.7 million in Q1 net income, 2,825 BTC production

Core
Scientific
reported
a

$210.7
million
net
income
for
the
first
quarter
on
May
8.

The
change
represents
an
increase
of
$211.1
million
from
the
first
quarter
of
2023,
when
the
company
reported
a
net
loss
of
$0.4
million.

The
company
also
reported
$179.3
million
in
first-quarter
revenue,
including
$150
million
from
crypto
mining
and
$29.3
million
from
hosting.

The
change
in
total
revenue
marks
an
increase
of
$58.6
million
compared
to
the
first
quarter
of
2023
when
the
company
reported
revenue
of
$120.6
million.

Core
Scientific
reported
$98.1
million
in
cash
and
cash
equivalents
on
its
balance
sheet,
up
from
$50.4
million
in
the
fourth
quarter
of
2023.

Mining
output
and
power

Core
Scientific
also
reported
significant

Bitcoin
production.
The
firm
earned
2,825
BTC
through
self-mining
—
more
than
any
publicly
traded
Bitcoin
mining
firm
in
North
America.

The
company’s
first-quarter
BTC
is
worth
$172.5
million
at
current
prices.

The
firm
reported
a
hash
rate
of
25.5
exahashes
per
second
(EH/s).
The
total
hash
rate
includes
19.3
EH/s
for
self-mining,
through
which
the
company
produces
its
own
Bitcoin,
plus
6.2
EH/s
for
hosting,
through
which
it
produces
Bitcoin
for
its
customers.

Core
Scientific
owned
and
managed
about
745
megawatts
of
infrastructure,
which
it
claims
is
greater
than
any
other
publicly
traded
Bitcoin
miner
in
North
America.

Additional
revenue
stream

Core
Scientific
is
also
exploring
alternative
revenue
streams.

CEO
Adam
Sullivan
said
the
firm
is
discussing
with
customers
the
conversion
of
over
500
megawatts
to
high-performance
computing.
By
combining
computing
and
Bitcoin
mining,
the
firm
will
be
active
in
“two
very
attractive
markets,”
Sullivan
said.

A
separate
Financial
Post
report

indicates
that
the
company
plans
for
its
high-performance
computing
business
to
cater
to
artificial
intelligence
(AI)
firms.

The
conversion
of
the
500
megawatts
of
infrastructure
could
take
three
to
four
years,
but
the
company
will
generate
revenue
as
it
brings
on
clients.

Mentioned
in
this
article