Core Scientific reports $210.7 million in Q1 net income, 2,825 BTC production

Core Scientific reported a $210.7 million net income for the first quarter on May 8.

The change represents an increase of $211.1 million from the first quarter of 2023, when the company reported a net loss of $0.4 million.

The company also reported $179.3 million in first-quarter revenue, including $150 million from crypto mining and $29.3 million from hosting.

The change in total revenue marks an increase of $58.6 million compared to the first quarter of 2023 when the company reported revenue of $120.6 million.

Core Scientific reported $98.1 million in cash and cash equivalents on its balance sheet, up from $50.4 million in the fourth quarter of 2023.

Mining output and power

Core Scientific also reported significant Bitcoin production. The firm earned 2,825 BTC through self-mining — more than any publicly traded Bitcoin mining firm in North America.

The company’s first-quarter BTC is worth $172.5 million at current prices.

The firm reported a hash rate of 25.5 exahashes per second (EH/s). The total hash rate includes 19.3 EH/s for self-mining, through which the company produces its own Bitcoin, plus 6.2 EH/s for hosting, through which it produces Bitcoin for its customers.

Core Scientific owned and managed about 745 megawatts of infrastructure, which it claims is greater than any other publicly traded Bitcoin miner in North America.

Additional revenue stream

Core Scientific is also exploring alternative revenue streams.

CEO Adam Sullivan said the firm is discussing with customers the conversion of over 500 megawatts to high-performance computing. By combining computing and Bitcoin mining, the firm will be active in “two very attractive markets,” Sullivan said.

A separate Financial Post report indicates that the company plans for its high-performance computing business to cater to artificial intelligence (AI) firms.

The conversion of the 500 megawatts of infrastructure could take three to four years, but the company will generate revenue as it brings on clients.

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