CoinDesk
Core Scientific (CORZ) reported a $347.2 million first-quarter loss despite revenue rising to $115.2 million, as the company sold 2,385 bitcoin for $208.3 million and wrote down $266.5 million of mining-related assets. The bitcoin sales were used to fund capital expenditures as the firm accelerates its shift away from crypto mining.
The AI pivot is reshaping the revenue mix dramatically. Colocation revenue for AI data centers surged to $77.5 million from just $8.6 million a year earlier, now the company's largest business line. Crypto mining revenue, by contrast, collapsed to $30.1 million from $67.2 million, hit by a 45% drop in bitcoin mined and an 18% decline in average BTC price.
The company also closed a $3.3 billion offering of 7.75% senior secured notes to fund data center development and repay a $1 billion term loan. Its AI infrastructure strategy hinges on a 590 MW contract…
TheBlock
Crypto News