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Home»ADOPTION NEWS»Bitcoin Miner Core Scientific Reports $805 Million Net Loss in Q2
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Bitcoin Miner Core Scientific Reports $805 Million Net Loss in Q2

By Crypto FlexsAugust 7, 20243 Mins Read
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Bitcoin Miner Core Scientific Reports 5 Million Net Loss in Q2
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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.

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