Core Scientific’s Q1 Mining Revenue Hits $150M
Core Scientific, a Bitcoin mining company that recently emerged from bankruptcy, has reported strong financial results for the first quarter of the year.
The company saw a total revenue of $179.3 million, a significant increase of $58.6 million compared to the same period in 2023.
In addition, Core Scientific’s net income for the quarter reached $210.7 million, a notable improvement from the net loss of $0.4 million reported in the first quarter of 2023.
This increase in net income was mainly driven by gains from obligations totaling $143.8 million and a decrease in Chapter 11 financing expenses, according to the company.
Revenue from digital asset mining also showed impressive growth, reaching $150 million, while hosting revenue contributed $29.3 million.
