TechFlow news — U.S.-listed bitcoin mining company Core Scientific has released its Q2 2024 financial results. The report shows a net loss of $804.9 million, significantly higher than the $9.3 million loss in the same period last year. This substantial loss was primarily driven by a $796 million "non-cash fair value adjustment" related to the company's warrants and contingent value rights (CVRs).
During the quarter, the company mined 1,680 bitcoins (worth approximately $92 million), at an average cost of $29,900 per bitcoin. Production declined notably compared to previous quarters, due to the bitcoin halving and intensified competition.
Despite the losses, the company's revenue increased to $141.1 million, up from $126.9 million in the same period of 2023.
CEO Adam Sullivan noted that the company’s total debt has decreased by approximately 60% since the beginning of the year. Core Scientific is adjusting its strategy by actively expanding infrastructure and has signed an agreement with Block to purchase next-generation mining chips. Additionally, the company is expanding into high-performance computing to hedge against the growing risks associated with bitcoin mining.
