Core Scientific reported a $210.7 million net income for the first quarter on May 8.The change represents an increase of $211.1 million from the first quarter of 2023, when the company reported a net loss of $0.4 million.The company also reported $179.3 million in first-quarter revenue, including $150 million from crypto mining and $29.3 million from hosting.The change in total revenue marks an increase of $58.6 million compared to the first quarter of 2023 when the company reported revenue of $120.6 million.Core Scientific reported $98.1 million in cash and cash equivalents on its balance sheet, up from $50.4 million in the fourth quarter of 2023.Core Scientific also reported significant Bitcoin production. The firm earned 2,825 BTC through self-mining — more than any publicly traded Bitcoin mining firm in North America.The company’s first-quarter BTC is worth $172.5 million at current prices.The firm reported a hash rate of 25.5 exahashes per second (EH/s). The total hash rate includes 19.3 EH/s for self-mining, through which the company produces its own Bitcoin, plus 6.2 EH/s for hosting, through which it produces Bitcoin for its customers.Core Scientific owned and managed about 745 megawatts of infrastructure, which it claims is greater than any other publicly traded Bitcoin miner in North America.Core Scientific is also exploring alternative revenue streams.CEO Adam Sullivan said the firm is discussing with customers the conversion of over 500 megawatts to high-performance computing. By combining computing and Bitcoin mining, the firm will be active in “two very attractive markets,” Sullivan said.A separate Financial Post report indicates that the company plans for its high-performance computing business to cater to artificial intelligence (AI) firms.The conversion of the 500 megawatts of infrastructure could take three to four years, but the company will generate revenue as it brings on clients.Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Essential crypto updates and analyses. Straight to your inbox, every day.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.The current uncertainty in the market is being fueled by the impending Federal Open Market Committee’s (FOMC) decision on cutting interest rates.Embracing Bitcoin mining could be pivotal in Trump’s envisioned energy strategy.Miller argued that the flagship crypto remains vastly undervalued and predicts a major shift in global capital governance.The report highlights significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via privacy coins, layer-2 networks, and crypto mixers. CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
