Core Scientific self-mined over $175 million of bitcoin in Q1, swings to profit
Quick Take
- Core Scientific reported that it self-mined 2,825 bitcoin (over $175 million at current prices) during the first quarter of 2024, the company announced on Wednesday.
- The company also reported a net income of $210.7 million, compared to a net loss of about $400,000 last year.
It's been a busy first quarter of the year for North American bitcoin miner Core Scientific.
First, its shares began trading again on the Nasdaq after emerging from bankruptcy and now the company has reported a major turnaround that includes posting $210.7 million in net income.
That compares to the first quarter of last year when Core Scientific reported a loss of roughly $400,000. In its earnings statement released Wednesday, the company noted that its net income for this latest quarter was "a gain on extinguishment of prior obligations of $143.8 million."
The bitcoin miner said it self-mined 2,825 bitcoin, or more than $175 million at current prices, during the period. Last year, despite dealing with the bankruptcy, Core Scientific mined 19,274 bitcoin, about $1.2 billion currently.
"We delivered outstanding results in the first quarter, earning more bitcoin than any other publicly traded bitcoin miner, strengthening our balance sheet by paying down debt and improving our cash position, and improving our fleet efficiency with the deployment of new generation miners,” said Core Scientific CEO Adam Sullivan said in the earnings statement.
Core Scientific also reported $179.3 million in total revenue, compared to $120.7 million for the same period in 2023. The company said it generated an adjusted EBITDA of $88 million.
After closing the day higher by nearly 3% at $3.48 a share, Core Scientific's stock was down about 1.7% in after-hours trading.
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