Core Scientific Pulls $179M BTC Revenue In Q1, Shares Jump 5%

Bitcoin mining firm Core Scientific has returned to profitability after reporting a breakout first quarter with mined BTC worth $179 million
By Godfrey Benjamin
core scientific

Highlights

  • Core Scientific has reported $179 million in Q1 revenue
  • The first quarter saw Core Scientific's shares relisted on the NASDAQ bourse
  • The firm benefitted from the Bitcoin to ATH rally in Q1

Bitcoin mining firm Core Scientific has reported a breakout first quarter report. The company said it raked in a total of $179.3 million revenue in the quarter.

Advertisement
Advertisement

Core Scientific Q1Performance and Share Boom

According to the company, the $179.3 million worth of Bitcoin mining revenue consists of $150 million in direct crypto mining.  The remaining $29.3 million came from hosting revenue.

The company said it generated a net income of $210.7 million. This includes a gain of extinguishment of prior obligations worth $143.8 million. The adjusted EBITDA came in at $88 million while its self mined Bitcoin comes in at 2,825 coins. This mined Bitcoin, worth approximately $173.8 million at current prices, places above other competitors in North America.

Core Scientific’s rebirth is a unique one. In the heat of the crypto winter, the company went deep into bankruptcy after posting losses on a consistent basis. Amidst its woes, its shares were ousted from the NASDAQ where it got listed in January 2022. After months of exit from the public market, it got relisted this quarter and has maintained a modest performance.

Read More: Binance Related Wallets Burn 222 Million Terra Luna Classic (LUNC)

Following the better than expected report, Core Scientific’s shares jumped 2.59% in After Hours. Combined with the 2.56% it closed with on Wednesday, it has maintained a relatively positive trading week. Investors are particularly hooked as the firm said it has cleared off its outstanding mining machines’ repayment backlog.

Looking ahead, the company is optimistic in boosting its performance post Bitcoin halving event. It reported that it deployed 28,400 new S19j XP miners that will help expand its mining capacity. Per its Q1 earnings report, Core Scientific is in a better position to sustain its current profitability streak.

Advertisement
Advertisement

Effect Of Bitcoin Rebirth

Bitcoin mining companies like Core Scientific are at the forefront of the beneficiaries’ list with the enhanced market surge. In the first quarter, the spot Bitcoin ETF product went live in the US. After months of lobbying, the Securities and Exchange Commission (SEC) came around to approve the listing of the products.

This move boosted the market sentiment and sent the price of Bitcoin to an All-Time High (ATH) of $73,750.07. This growth boosted the profitability of mined Bitcoin units for miners. From its report, Core Scientific benefitted immensely from this positive market rebirth.

With the halving out of the way, the firm is in a unique position to compete with the expansion of its capacity across the board.

Read More: CIF Files FOIA Request on SEC, Gensler’s Handling of DebtBox Case

Advertisement
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.