Core Scientific Sells Bitcoin Amid Price Decline
Core Scientific reported a $347.18 million loss for Q1, driven by a drop in Bitcoin mining revenue due to a 45% decline in mined Bitcoin and an 18% drop in Bitcoin's price. The company sold 2,385 Bitcoin for $208.3 million to fund capital expenditures and stated it will continue to liquidate its remaining Bitcoin holdings.
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Topics: AI data centers Bitcoin mining capital expenditures debt financing earnings