Core Scientific reported Q3 2024 revenue of $95.4 million, down 16% year-over-year, with a net loss of $455.3 million. Digital asset self-mining revenue decreased 18% to $68.1 million due to a 62% drop in bitcoin mined, partially offset by higher bitcoin prices. The company mined 1,115 bitcoins in Q3, down from 2,953 in Q3 2023.Core Scientific's self-mining hash rate increased 36% year-over-year to 20.4 EH/s. The company launched HPC hosting operations, generating $10.3 million in new revenue. Adjusted EBITDA fell to $10.1 million from $27.8 million in Q3 2023. Operating expenses rose 51% to $40.3 million, driven by higher payroll costs and HPC-related expenses.The company ended Q3 with $253.0 million in cash and equivalents. Core Scientific reaffirmed that its cash flows and resources are sufficient to fund operations for at least the next 12 months. Management is focusing on expanding HPC hosting services while reducing traditional bitcoin hosting, as it seeks more stable revenue streams amid volatility in the crypto mining sector.

Core Scientific reported Q3 2024 revenue of $95.4 million, down 16% year-over-year, with a net loss of $455.3 million. Digital asset self-mining revenue decreased 18% to $68.1 million due to a 62% drop in bitcoin mined, partially offset by higher bitcoin prices. The company mined 1,115 bitcoins in Q3, down from 2,953 in Q3 2023.Core Scientific's self-mining hash rate increased 36% year-over-year to 20.4 EH/s. The company launched HPC hosting operations, generating $10.3 million in new revenue. Adjusted EBITDA fell to $10.1 million from $27.8 million in Q3 2023. Operating expenses rose 51% to $40.3 million, driven by higher payroll costs and HPC-related expenses.The company ended Q3 with $253.0 million in cash and equivalents. Core Scientific reaffirmed that its cash flows and resources are sufficient to fund operations for at least the next 12 months. Management is focusing on expanding HPC hosting services while reducing traditional bitcoin hosting, as it seeks more stable revenue streams amid volatility in the crypto mining sector.