Bitcoin Miners Core Scientific and Marathon Digital Report Surging Profits

North American bitcoin miner Core Scientific has reported a major turnaround in the first quarter of this year, posting $210.7 million in net income compared to a loss of roughly $400,000 in the same period last year. The company attributed its net income to a gain on extinguishment of prior obligations of $143.8 million. Core Scientific also self-mined 2,825 bitcoin, worth over $175 million at current prices. In addition, the company reported $179.3 million in total revenue and generated an adjusted EBITDA of $88 million. Core Scientific's stock closed higher by nearly 3% at $3.48 a share. Meanwhile, Marathon Digital, another bitcoin miner, reported mining 2,811 bitcoin, worth around $176 million, in the first quarter. The company's profits increased by 184% to $337.2 million, and revenues climbed by 223% to $165.2 million compared to the same period last year. Marathon Digital plans to target 50 exahash of energized hash rate by the end of 2024. The company sold 26% of the bitcoin it produced during the quarter to fund operating costs and holds $1.6 billion in capital reserves. Bitcoin mining difficulty also dropped 5.7% on Thursday, the largest negative adjustment in nearly 18 months.

Sources :

- TheBlock
- TheBlock