- Bitcoin mining firm Core Scientific has reported a breakout first quarter, with mined BTC worth $179 million.
- The company’s shares were relisted on the NASDAQ bourse in the first quarter.
- Core Scientific benefitted from the Bitcoin rally to an all-time high in Q1.
Core Scientific, a leading Bitcoin mining firm, has returned to profitability after reporting a breakout first quarter with mined BTC worth $179 million.
Core Scientific’s Q1 Performance
The company reported a total revenue of $179.3 million in the first quarter. This revenue consists of $150 million in direct crypto mining and the remaining $29.3 million from hosting revenue. The company also generated a net income of $210.7 million, which 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, worth approximately $173.8 million at current prices.
Relisting on NASDAQ and Future Outlook
Core Scientific’s shares were relisted on the NASDAQ bourse this quarter after being ousted from the public market due to consistent losses. Since its relisting, the company has maintained a modest performance. Looking ahead, Core Scientific is optimistic about 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. 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.
Impact of Bitcoin’s Rally on Core Scientific
Bitcoin mining companies like Core Scientific have benefitted immensely from the recent Bitcoin rally. In the first quarter, the spot Bitcoin ETF product went live in the US, boosting the market sentiment and sending the price of Bitcoin to an all-time high of $73,750.07. This growth boosted the profitability of mined Bitcoin units for miners like Core Scientific. The company is now in a better position to sustain its current profitability streak.
Conclusion
Core Scientific’s return to profitability and its relisting on the NASDAQ bourse mark a significant turnaround for the company. With the recent Bitcoin rally and the deployment of new miners, the company is well-positioned to maintain its profitability and expand its mining capacity. The future looks promising for Core Scientific as it continues to ride the wave of the Bitcoin rally.
