Bitcoin mining company Core Scientific announced its Q1 financial report: total revenue of $115.2 million, net loss of $347 million

According to The Block, Bitcoin mining company Core Scientific released its Q1 financial report. Despite year-on-year growth in revenue and gross profit, the company reported a net loss of $347 million due to non-cash impairment losses and changes in the fair value of warrants, compared to a net profit of $576 million in the same period last year.

The company's total revenue for Q1 was $115.2 million, up from $79.5 million in the same period last year; among which, revenue from hosting services was approximately $77.5 million, significantly higher than $8.6 million in the same period last year; however, self-mining revenue fell from $67.2 million in the same period last year to $30.1 million. The company stated that the decline in self-mining revenue was mainly due to a 45% reduction in Bitcoin mining volume and an 18% drop in the average price of Bitcoin. After the financial report was released, Core Scientific's stock price fell 7% in after-hours trading.