Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»Bitcoin Miner Core Scientific Reports $805 Million Net Loss in Q2
ADOPTION NEWS

Bitcoin Miner Core Scientific Reports $805 Million Net Loss in Q2

By Crypto FlexsAugust 7, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Bitcoin Miner Core Scientific Reports 5 Million Net Loss in Q2
Share
Facebook Twitter LinkedIn Pinterest Email

US-listed Bitcoin miner Core Scientific Net loss reported at $849 million In the second quarter of 2024, it recorded a net loss of $9.3 million compared to the same period last year.

According to its latest financial report filed Wednesday, the massive loss was primarily driven by a mandatory $796 million “non-cash market value adjustment” on warrants and contingent value rights, which Core Scientific issued over-the-counter CVRs, as a result of the stock price increase. Chapter 11 Creditors During Bankruptcy Proceedings In 2024.

The company mined 1,680 bitcoins (worth about $92 million) during the quarter, a significant decrease from the previous quarter due to the halving and increased competition, and an average cost per coin of $29,900.

“We are pleased with the company’s performance, especially given the halving and the 68% increase in network hash rate,” Chief Financial Officer Denise Sterling said on an earnings call Wednesday.

Operating expenses increased by $4.3 million compared to the second quarter of 2023, and operating income decreased from $9.5 million to $6.6 million.

However, the company’s revenue increased to $141.1 million from $126.9 million in the second quarter of 2023. The mandatory conversion of warrants and CRVs eliminated $260 million of debt from the balance sheet. CEO Adam Sullivan noted that the company’s total debt has decreased by about 60% since the beginning of the year.

Core’s stock (ticker CORZ) rose 1.13% to $9.82 after the earnings report.

Core Scientific is undergoing a strategic shift in the post-Halfling world. The company is aggressively building out its infrastructure, including expanding its data center in Denton, Texas, to about 830 megawatts. It has also signed purchase and distribution agreements. Next generation mining chips At Jack Dorsey’s Block (formerly Square).

The company is also expanding its high-performance computing business to hedge against the growing risks of bitcoin mining, the company announced Tuesday. Providing computing power to AI company CoreWeave.

“We’re building a compelling portfolio for these end customers,” Sullivan said on the earnings call, noting that he’s looking to diversify his customer base. “We have a great story right now. We’re a leader in both bitcoin mining and HPC. Those are the two industries that are seeing the highest growth.”


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025

‘Self -transactions, dressed in capital layout’: The cryptocurrency financial craze divides the industry.

August 15, 2025
Add A Comment

Comments are closed.

Recent Posts

Why experts say that 99%of the traders are wrong

September 4, 2025

ChainUp Named Double Finalist At Thomson Reuters’ ALB Pan-Asian Regulatory Awards 2025

September 4, 2025

Integrated security classes can accelerate the adoption of institutional passwords.

September 4, 2025

Binance explodes 466m LUNC with oblivion: revival play or special effect?

September 4, 2025

Cardano founder says Chainlink quotes ‘ridiculous price’ to them.

September 3, 2025

Acurast launches ‘Staked Compute’ and challenges AWS, Azure and Google Cloud using the distributed smartphone network.

September 3, 2025

Solana-packee blockchain manually spreads

September 3, 2025

Bybit Card Launches In Europe With Unmatched 20% Cashback

September 3, 2025

GiftlyCard.com Recognized As Verified And Secure By Independent Review Sites

September 3, 2025

Embodying “Simple Mining, Smart Gains” For Effortless Crypto Accumulation

September 3, 2025

TOKEN2049 Singapore stops all records with the world’s largest Web3 event with 25,000 attendees in unprecedented demand.

September 3, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Why experts say that 99%of the traders are wrong

September 4, 2025

ChainUp Named Double Finalist At Thomson Reuters’ ALB Pan-Asian Regulatory Awards 2025

September 4, 2025

Integrated security classes can accelerate the adoption of institutional passwords.

September 4, 2025
Most Popular

The second reward function margin asset LDUSDT starts to start LDUSDT

April 9, 2025

Binance World Championship Spot Trading Tournament Offers $1.2 Million in USDC Rewards

June 6, 2024

Bitvavo leverages Figment to power staking services in Europe.

May 2, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.