Core Scientific received a loss of $ 861.7 million after Beitcoin revaluation

American Core Scientific Blockchain-Hosting Provider, according to the results of April-June 2022, received a net loss of $ 861.7 million with revenue of $ 164 million.

Adjusted profit per share amounted to 18 cents.

“Thanks to the increase in liquidity from the sales of bitcoins and joint -stock capital, the prerequisites for increasing the profitability of hosting and managed payments for our obligations, we are well prepared for the passage of current market conditions with the readiness to become a larger, strong and profitable company”, – said CEO Core Scientific Mike Levitt.

In June, the mining company sold 7202 BTC – 89.4% of the bitcoins, which were listed on the balance sheet as of the end of May.

The company directed the funds received to pay for the purchase of equipment, financing capital investments in additional capacities of the data center and planned repayment of the debt.

In the second quarter, Core Scientific got 3365 BTC-about 5% more than in January-March. The heat did not prevent this in July, which led to a disconnection of electricity consumption at 8157 MW · h at the company’s facility in Texas. About 15% of the total capacity falls on this state.

Core Scientific production growth with an increase in hashrate with 8.3 EH/S at the end of March to 10.3 EH/S. The company retained the target Перехід Ethereum indicator for 2022 at the level of 30 to 32 eh/s.

In January 2022, Core Scientific received public status through the reverse merger with Spac . Its shares are applied on the NASDAQ Stock Exchange under the Corz ticer.

Recall that from April 18, the company began to report on the volume of cryptocurrency mined on a daily basis.

Earlier Core Scientific signed an agreement with b. Riley Principal Capital II on the sale of shares in the amount of $ 100 million for two years.

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