Core Scientific posts $347M loss as AI hosting overtakes Bitcoin mining

Core Scientific mined 279 BTC in the quarter, down 45% from a year earlier, while its colocation business became its top revenue source.

Core Scientific (CORZ) reported a $347.2 million first-quarter net loss as its Bitcoin self-mining revenue fell sharply and high-density colocation became its largest revenue source. 

In its earnings report published Wednesday, the company reported a net loss of $1.06 per diluted share for the quarter. A year earlier, Core Scientific reported diluted earnings of $1.24 per share.

Core Scientific said the loss included $266.5 million in non-cash impairment charges and a $30.8 million non-cash loss from changes in the fair value of warrants and contingent value rights.

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