Core Scientific turned a profit in the first quarter, mining more than $175 million worth of Bitcoin of its own.
Core Scientific, a North American Bitcoin mining company, had a very busy first quarter of this year.
First, after emerging from bankruptcy, the stock began trading on the Nasdaq again, and the company has now reported a big turnaround, posting net income of $210.7 million.
This compares to the first quarter of last year, when Core Scientific reported a loss of about $400,000. In an earnings report released Wednesday, the company said net income for the quarter was “pre-debt extinguishment gain of $143.8 million.”
Bitcoin miners said they mined 2,825 bitcoins of their own during this period, which is worth over $175 million at current prices. Despite filing for bankruptcy last year, Core Scientific has now mined 19,274 bitcoins, worth about $1.2 billion.
“We earned more Bitcoin in the first quarter than any other publicly traded Bitcoin miner, strengthened our balance sheet by paying down debt and improving our cash position, and improving fleet efficiency with the deployment of next-generation miners. “It has been an outstanding achievement.” Core Scientific CEO Adam Sullivan said in his earnings statement:
Core Scientific also reported total revenue of $179.3 million in 2023, compared to $120.7 million in the same period. The company said it generated adjusted EBITDA of $88 million.
Shares of Core Scientific, which closed up nearly 3% at $3.48 per share, were down about 1.7% in after-hours trading.
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About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal and has covered companies including Disney, Netflix, and Warner Bros. and the creator economy, with a primary focus on technological innovation across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.
