Report: Core Scientific Posted $179 Million in Revenue During the First Quarter of 2024
Core Scientific’s Revenue Report
Leading Bitcoin mining company Core Scientific announced on Tuesday that its total revenue for the first quarter of this year hit $179 million. By comparison, the firm posted revenue of $58 million during the same period last year.
Of the $179 million, $150 million came from Core Scientific’s digital asset mining business, while $29 million represented hosting revenue. The mining firm has reported $82 million in mining costs. The net revenue ($97 million) represents a 38% growth compared to the net income posted in the first quarter of 2023.
The increased revenue is attributed to a higher BTC price and Core Scientific’s massive mining capacity. Bitcoin increased by 134% during the first three months of this year. Over the same period, Core Scientific boosted its mining hash rate by 20%.
The high hosting revenue is due to the growing number of new clients. Furthermore, Core Scientific has reported that the cost of operating its hosting service was $16.8 million in this year’s first quarter. By comparison, the mining company saw the operating costs reach $24.1 million in 2023’s first quarter.
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Core Scientific CEO Says Company Will Record More Positive Results This Year
While speaking during the earnings call, Core Scientific CEO Adam Sullivan said the company’s infrastructure was well-positioned to provide high-performance computing cost-effectively. He is optimistic that the mining firm will post higher revenue this year.
Core Scientific mined over 2,800 BTC during the first quarter. Notably, no other publicly listed mining company in North America produced more Bitcoin over the same period. Sullivan’s firm boosts 740 megawatts that generate a hash rate of 25 EH/s.
Core Scientific to Purchase More Mining Machines
Core Scientific plans to increase its mining capacity following Bitcoin halving, an event that reduced miner rewards by 50% on April 20th. The company’s CEO says they are waiting for the mining equipment prices to improve to make purchases.
It is worth mentioning that Core Scientific’s recent strong performance comes months after the company filed for bankruptcy protection in December 2022 as a result of falling revenues. The mining firm emerged from bankruptcy last year after receiving court approval.
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