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Core Scientific’s Financial Results for Q1 2024
Core Scientific recently announced its financial results for the first quarter of 2024, showcasing a significant recovery with a net income of $211 million.
Highlights of Core Scientific’s Performance
- Net income of $210.7 million, a substantial increase from the previous year’s net loss of $0.4 million
- Adjusted EBITDA of $88 million
- Mined 2,825 bitcoins during the quarter
Revenue Breakdown
The revenue totaled $179.3 million, a 49% increase from the previous year’s first quarter. Revenue from bitcoin mining alone contributed $150 million, with an additional $29 million from hosting services.
Core Scientific’s Mining Capabilities
Core Scientific’s expanded mining capacity and operational efficiencies significantly boosted production, allowing the company to self-mine more Bitcoin than any other publicly listed miner in North America during Q1.
Infrastructure Ownership
The company owns and manages approximately 745 megawatts of infrastructure, establishing itself as the largest owned infrastructure footprint among publicly listed miners in the region.
CEO Adam Sullivan’s Comments
Core Scientific’s CEO, Adam Sullivan, highlighted the company’s achievements in the first quarter, emphasizing the strengthening of the balance sheet, debt repayment, and fleet efficiency improvements through the deployment of new generation miners.
“By leveraging market fundamentals and prioritizing productivity and efficiency, we have delivered strong financial results that showcase our commitment to creating value for our shareholders,” Sullivan stated.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
