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.
$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.
The overall revenue from mining increased due to higher Bitcoin prices and Core’s mining capacity. According to the company, mining revenue was driven by a 134% increase in the price of Bitcoin and a 20% increase in the company’s self-mining hash rate, which offset a 34% reduction in the amount of Bitcoin received due to a 73% rise in the global hash rate.
“We now believe our infrastructure is well positioned to take advantage of the enormous demand for power and infrastructure required for high-performance computing, and we see this as the next major growth opportunity for our business,” said Core Scientific’s CEO Adam Sullivan during an earnings call.
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