Core Scientific, a leading Bitcoin miner, has reported impressive first quarter results for 2024, showcasing a significant turnaround from the previous year. The company announced a total revenue of $179.3 million, a substantial increase from the $58.6 million reported in Q1 2023.
One of the key highlights of the report is the net income of $210.7 million, a remarkable improvement of $211.1 million over the first quarter of 2023. This turnaround was attributed to gains of $143.8 million from the settlement of pre-emergence obligations and reduced Chapter 11 bankruptcy financing costs amounting to $11.1 million.
In terms of digital asset mining revenue, Core Scientific exceeded costs by $68.4 million, representing a 46% margin, compared to $25.4 million (26% margin) in the previous year. The company cited a surge in depreciation expense due to the deployment of around 18,000 new-generation self-miners as the driving factor for the increase in digital asset mining.
Operating expenses in the fiscal first quarter of 2024 amounted to $16.9 million, a reduction of $7.3 million from the same period in 2023. This decrease was primarily due to the decline in stock-based compensation, which dropped by $13.3 million.
Core Scientific also reported a production of 2,825 self-mined Bitcoin, with a total hash rate of 25.5 EH/s in Q1. The company owns approximately 745 megawatts of infrastructure, with 19.3 EH/s attributed to self-mining efforts and 6.2 EH/s from hosting operations throughout the quarter.
The Texas-based company had filed for Chapter 11 bankruptcy protection in December 2022 but emerged from bankruptcy and started trading again on Nasdaq in January 2024. Core Scientific aims to grow its mining capacity by 50% in the next four years.
Overall, the first quarter results for Core Scientific reflect a strong performance and a promising outlook for the future of the company in the cryptocurrency mining industry.
