Core Scientific, a leading company in the cryptocurrency industry, has announced its financial results for the first quarter of 2024, showcasing an impressive recovery with a net income of $211 million.
In its recent press release, Core Scientific highlights the significant improvement in its performance compared to the previous year. The company attributes this turnaround to increased revenue from both Bitcoin mining and hosting services.
During Q1, Core Scientific reported a substantial rise in net income, reaching $210.7 million, a significant improvement from a net loss of $0.4 million in the same period last year. The company also achieved an adjusted EBITDA of $88 million.
Core Scientific’s success in mining bitcoins played a crucial role in its revenue growth, with a total revenue of $179.3 million, marking a 49% increase from the first quarter of the previous year. The revenue from bitcoin mining alone accounted for $150 million, supplemented by $29 million from hosting services.
The press release proudly states that Core Scientific self-mined more Bitcoin than any other publicly listed miner in North America during Q1. Additionally, the company owns and manages a significant infrastructure of approximately 745 megawatts, making it the largest owned infrastructure footprint among publicly listed miners in the region.
CEO Adam Sullivan expressed his satisfaction with the company’s performance, 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 emphasized Core Scientific’s ability to create value for shareholders by taking advantage of favorable market conditions and focusing on productivity and efficiency.
Core Scientific’s success in the first quarter of 2024 demonstrates its position as a key player in the cryptocurrency industry. The company’s strong financial performance and strategic initiatives have positioned it for continued growth and success in the future.