Bitcoin mining firm Core Scientific has reported a breakout first quarter report. The company said it raked in a total of $179.3 million revenue in the quarter.

Core Scientific Q1Performance and Share Boom

According to the company, the $179.3 million worth of Bitcoin mining revenue consists of $150 million in direct crypto mining.  The remaining $29.3 million came from hosting revenue.

The company said it generated a net income of $210.7 million. This includes a gain of extinguishment of prior obligations worth $143.8 million. The adjusted EBITDA came in at $88 million while its self mined Bitcoin comes in at 2,825 coins. This mined Bitcoin, worth approximately $173.8 million at current prices, places above other competitors in North America.

Core Scientific’s rebirth is a unique one. In the heat of the crypto winter, the company went deep into bankruptcy after posting losses on a consistent basis. Amidst its woes, its shares were ousted from the NASDAQ where it got listed in January 2022. After months of exit from the public market, it got relisted this quarter and has maintained a modest performance.

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Following the better than expected report, Core Scientific’s shares jumped 2.59% in After Hours. Combined with the 2.56% it closed with on Wednesday, it has maintained a relatively positive trading week. Investors are particularly hooked as the firm said it has cleared off its outstanding mining machines’ repayment backlog.

Looking ahead, the company is optimistic in boosting its performance post Bitcoin halving event. It reported that it deployed 28,400 new S19j XP miners that will help expand its mining capacity. Per its Q1 earnings report, Core Scientific is in a better position to sustain its current profitability streak.

Effect Of Bitcoin Rebirth

Bitcoin mining companies like Core Scientific are at the forefront of the beneficiaries’ list with the enhanced market surge. In the first quarter, the spot Bitcoin ETF product went live in the US. After months of lobbying, the Securities and Exchange Commission (SEC) came around to approve the listing of the products.

This move boosted the market sentiment and sent the price of Bitcoin to an All-Time High (ATH) of $73,750.07. This growth boosted the profitability of mined Bitcoin units for miners. From its report, Core Scientific benefitted immensely from this positive market rebirth.

With the halving out of the way, the firm is in a unique position to compete with the expansion of its capacity across the board.

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The post Core Scientific Pulls $179M BTC Revenue In Q1, Shares Jump 5% appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am