Key Takeaways
- Net income of $210.7 million, an improvement of $211.1 million over the first quarter of 2023
- In Q1 2024, digital asset mining revenue exceeded costs by $68.4 million (46% margin), compared to $25.4 million (26% margin) in the previous year.
- The Miner reported a total revenue of $179.3 million, a surge from the $58.6 million reported in Q1 2023.
Leading Bitcoin Miner Core Scientific released its first quarter results for 2023. The crypto miner reported total revenue of $179.3 million, which is a significant surge from the $58.6 million reported back in Q1 2023.
As per the report, Core Scientific also amassed a Net income of $210.7 million, marking a notable turnaround from the net loss of $0.4 million reported during Q1 2023. The firm stated that the net income was driven by gains of $143.8 million from the settlement of pre-emergence obligations and reduced Chapter 11 bankruptcy financing costs amounting to $11.1 million.
The total revenue for the fiscal first quarter of 2024, comprised of $150.0 million in digital asset mining revenue and $29.3 million in hosting revenue. The company cited a surge in depreciation expense owing to the deployment of around 18,000 new-generation self-miners as the driving factor for the increase in digital asset mining.
Operating expenses in the fiscal first quarter of 2024 amounted to $16.9 million, contrasting with $24.2 million recorded during the same period in 2023. This reduction of $7.3 million was owing to the decrease in stock-based compensation, which declined by $13.3 million.
Core Scientific also boasted a production of 2,825 self-mined Bitcoin. With ownership of approximately 745 megawatts of infrastructure, the bitcoin miner achieved a total hash rate of 25.5 EH/s in Q1. A higher hash rate makes it more difficult and costly for someone to attack the network. Out of the total hashrate, 19.3 EH/s was attributed to self-mining efforts, while 6.2 EH/s came from hosting operations throughout the quarter.
The Texas-based company had filed for Chapter 11 bankruptcy protection in December 2022, citing low bitcoin prices, surging energy costs for crypto mining and unpaid debt from once bankrupt crypto lender Celsius Network. The crypto miner started trading again on Nasdaq in January 2024 after emerging from bankruptcy. At the time, Core Scientific said it intends to grow its mining capacity by 50% in the next four years.
