Blockchain Hosting Provider Core Scientific Reports $466.2M Net Loss

US-based blockchain hosting provider Core Scientific suffered a net loss of $466.2 million in Q1 2022 against the net profit of $6.8 million enjoyed a year earlier.

According to the company, this is due to the deterioration of its financial results because of the revaluation of the fair value of convertible bonds in the amount of $386 million, an impairment of digital assets in the amount of $54 million, an increase in general operating expenses by $39.4 million as well as a payment of $42.4 million in income tax.

During the first quarter of 2022, the company’s revenue was $192.5 million compared to $54.2 million in Q1 2021.

Regarding the amount of mined Bitcoins, the volume of self-mined BTC in Q1 increased to 3,202 BTC.