Miner Core Scientific's Q3 mining revenue falls about 79% YoY, revenue rises 187% YoY to $233 million

Nov. 5: Bitcoin miner Core Scientific reported third-quarter results, with revenue of about $233 million, up 187% YoY; earnings per share of $0.47; net income of about $1.178 billion, mainly driven by non-cash gains from changes in the fair value of warrants; adjusted EBITDA rose sequentially to $133.6 million, with margin improving from 25% to 57%.

Hosting revenue was $215.4 million, up nearly 60% sequentially, accounting for about 92.5% of total revenue. Self-mining revenue fell about 79% YoY to $12.26 million. In the first three quarters of the year, the company sold digital assets obtained from self-mining for about $287 million in cash, and the value of its digital asset holdings dropped to about $2.69 million.