It Was Once Going Bankrupt: Giant Bitcoin Miner Made a Profit of $210 Million!

Core Scientific, one of the largest Bitcoin (BTC) mining companies, announced a serious profit after overcoming the bankruptcy process.

Mining company Core, which has been struggling with the bankruptcy process for about 2 years and started to restructure and be traded on NASDAQ again as of 2024, announced its first quarter balance sheet report.

The mining company announced that it produced 2,825 Bitcoins worth $175 million in the first quarter of 2024. In addition, a profit of $210 million was announced in the first quarter of this year, compared to a net loss of $400 thousand reported in the first quarter last year.

Making a statement on the subject, Core Scientific CEO Adam Sullivan said that they made an extraordinary return by producing more Bitcoin than any other publicly traded mining company:

We delivered outstanding results in the first quarter, producing more Bitcoin than any other publicly traded Bitcoin miner.

We strengthened our balance sheet by paying down our debt and improving our cash position, and increased our fleet efficiency with the deployment of next-generation miners.