Bitget App
Trade smarter
Buy cryptoMarketsTradeCopyBotsEarnWeb3

Core Scientific self-mined over $175 million of bitcoin in Q1, swings to profit

The BlockThe Block2024/05/08 21:07
By:The Block

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.


0

Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.

You may also like

Funding Wrap: Polymarket gets backing from Vitalik Buterin, Founders Fund in $70M raise

Humanity Protocol also announced a $30 million round, giving the Worldcoin competitor a $1 billion valuation

Blockworks2024/05/19 23:37

Number of new Bitcoin wallets drops to lowest level since 2018

Quick Take The seven-day moving average number of new addresses on the Bitcoin network, which approached its all-time high just six months ago, has fallen to its lowest level since 2018.

The Block2024/05/19 23:28

The overall market value of the Runes sector fell to US$929 million

Cointime2024/05/19 23:16

Data: Tokens worth about $1.3 billion will be unlocked next week

Cointime2024/05/19 22:58

‌Spot copy trading

More
AIOnline
AIOnline
insight1000/1000
8914.74%
ROI
Total profit $45465.19
AI-Six
AI-Six
insight500/500
2194.93%
ROI
Total profit $5048.19

Bot copy trading

More
GoldenEgg
GoldenEgg
insight96/150
$18930.69
Total profit
Total subscriber profits $-280.75
Morgee
Morgee
insight49/150
$18317.89
Total profit
Total subscriber profits $-160.46