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Core Scientific, a Bitcoin mining company, has released its Q1 earnings report: total revenue of $115.2 million and a net loss of $347 million.
Golden Finance reports that on May 7th, according to The Block, Bitcoin mining company Core Scientific announced its first-quarter financial results. Despite year-over-year increases in revenue and gross profit, net loss was $347 million due to non-cash impairment losses and fair value changes in warrants, compared to a net profit of $576 million in the same period last year.
The company’s total revenue for the first quarter was $115.2 million, up from $79.5 million in the same period last year; among which, hosting revenue was approximately $77.5 million, significantly higher than $8.6 million in the same period last year; self-mining revenue decreased from $67.2 million last year to $30.1 million. The company stated that the decline in self-mining revenue was mainly due to a 45% reduction in Bitcoin mining volume and an 18% drop in Bitcoin prices. After the earnings release, Core Scientific’s stock fell 7% in after-hours trading.