Core Scientific, a leading provider of Bitcoin mining and hosting services, has reported a significant recovery in its financial results for the first quarter of 2024. The company achieved a net income of $211 million, marking a notable improvement from the previous year’s figures.
The impressive performance can be attributed to an increase in revenue generated from both Bitcoin mining and hosting services. Core Scientific reported a substantial rise in net income, reaching $210.7 million, compared to a net loss of $0.4 million in the same period last year. The company also produced an adjusted EBITDA of $88 million.
During the quarter, Core Scientific mined 2,825 bitcoins, leveraging its expanded mining capacity and operational efficiencies to boost production. This increase in mining capability contributed significantly to the revenue, which totaled $179.3 million, representing a 49% rise from the previous year’s first quarter. The revenue from bitcoin mining alone accounted for $150 million, supplemented by $29 million from hosting services.
The company’s strong performance in Bitcoin mining was highlighted in the press release, stating that Core Scientific self-mined more Bitcoin than any other publicly listed miner in North America during Q1. Additionally, Core Scientific owns and manages approximately 745 megawatts of infrastructure, making it the largest owned infrastructure footprint among publicly listed miners in the region.
Core Scientific CEO, Adam Sullivan, commented on the report, stating, “We delivered outstanding results in the first quarter, 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.” Sullivan further emphasized the company’s ability to create value for shareholders by taking advantage of favorable market fundamentals and focusing on productivity and efficiency.
Core Scientific’s strong financial performance in Q1 demonstrates its resilience and ability to capitalize on the growing demand for Bitcoin mining and hosting services. The company’s strategic approach and commitment to innovation have positioned it as a leader in the industry.
