Core Scientific Reports Q1 Net Profit of $210.7 Million, BTC Production of 2,825
Core Scientific reported first-quarter net income of $210.7 million on May 8.
This change represents an increase of $211.1 million from the first quarter of 2023, when the company reported a net loss of $400,000.
The company also reported first-quarter revenue of $179.3 million, including $150 million from cryptocurrency mining and $29.3 million from hosting.
The change in total revenue represents 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 production and power
Core Scientific also reported significant Bitcoin production. The company earned 2,825 BTC through its own mining. This is more than any publicly traded Bitcoin mining company in North America.
The company’s first quarter BTC was worth $172.5 million at current prices.
The company reported a hash rate of 25.5 exahashes per second (EH/s). The total hash rate includes 19.3 EH/s for self-mining (the company produces its own Bitcoins) and 6.2 EH/s for hosting (it produces Bitcoins for its customers).
Core Scientific owned and managed approximately 745 megawatts of infrastructure, which it claims is more than any other publicly traded Bitcoin miner in North America.
additional revenue streams
Core Scientific is also exploring alternative revenue streams.
CEO Adam Sullivan said the company is talking to customers about converting more than 500 megawatts of power to high-performance computing. By combining computing and Bitcoin mining, the company will operate in “two very attractive markets,” Sullivan said.
The company is planning a high-performance computing business targeting artificial intelligence (AI) companies, according to a separate Financial Post report.
Transforming 500 megawatts of infrastructure could take three to four years, but the company will make money as it gains customers.
