Core Scientific sees revenue surge in 1Q24 after emerging from bankruptcy
Bitcoin miner Core Scientific has posted $150 million in revenue from digital asset mining in the first quarter of 2024, boosting its gross margin to 46% from 26% in the previous year.
Bitcoin miner firm Core Scientific posted improved financial results for the first quarter since emerging from bankruptcy.
The company reported a total revenue of $179.3 million, marking an increase of $58.6 million over the same period in 2023.
Net income for the quarter reached $210.7 million, an increase from the net loss of $0.4 million reported for the first quarter of 2023. This rise in net income was primarily driven by gains from obligations totaling $143.8 million and a decrease in Chapter 11 financing expenses, said the company.
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Author: Ana Paula Pereira
