Core Scientific sees revenue rise in 1Q24 post-bankruptcy emergency

The Bitcoin mining leader has announced its financial performance for the first quarter of 2024, revealing an improvement since its emergence from bankruptcy.

The company reported net income of $210.7 million compared to a net loss of $0.4 million for the same period in 2023.

Core Scientific’s first quarter results

Total revenue rose to $179.3 million, up from $120.7 million recorded in the same period last year. Operating income also increased significantly, reaching $55.2 million compared to $7.6 million a year earlier. Adjusted EBITDA soared to $88.0 million, reflecting an improvement from $40.3 million in the same period in 2023.

Adam Sullivan, CEO of Core Scientific, attributed the results to the company’s navigation of favorable market conditions and a focus on productivity and efficiency. “We had outstanding results in the first quarter, earning more Bitcoin than any other publicly traded Bitcoin miner,” said Sullivan.

The financial results also show strong performance in Core Scientific’s main revenue streams. Digital asset mining revenue increased to $150.0 million, driven by a 134% increase in the price of Bitcoin and a 20% increase in the automining hash rate.

Hosting revenue also increased to $29.3 million, driven by the addition of new digital asset mining customers.

Sullivan mentioned that they are actively considering repurposing more than 500 megawatts of their operational infrastructure for high-performance computing, leveraging their access to 1.2 gigawatts of power.

They also plan to increase their Bitcoin mining hash rate by introducing more energy-efficient miners while developing a high-performance computing service. Sullivan emphasized that they are well positioned to take advantage of the opportunities presented by both markets.

Strategic initiatives

The success is due to several strategic initiatives carried out during the quarter. The company retired $19 million in debt shortly after the end of the quarter, strengthening its balance sheet and improving financial flexibility.

Core Scientific also expanded its hosting offering by delivering 16MW of infrastructure to high-performance computing customers ahead of schedule.

The company completed the deployment of 28,400 new S19j XP miners and deployed the first shipment of approximately 2,500 S21 miners while expanding its operational infrastructure by 21 MW at its Pecos, Texas site.

Sullivan said its 745 megawatts of operational high-powered data center infrastructure is key to its competitive advantage. He emphasized that this advantage uniquely positions them, allowing them to leverage Bitcoin mining as a foundation to expand into alternative computer hosting services.

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