Vitalik Buterin Gets Sandwich Attacked, No One Notices
Vitalik Buterin falls prey to a sandwich attack, unnoticed by many.
U.Today1 min read
Core Scientific sold $208 million of bitcoin in Q1 as AI pivot continues
TL;DR
Core Scientific sold 2,385 bitcoin for $208.3 million in Q1, reporting a $347.2 million loss despite rising revenue. The sales funded capital expenditures as the company pivots from bitcoin mining to AI data centers.
Key points
- Core Scientific sold 2,385 bitcoin for $208.3 million
- The company reported a $347.2 million loss in Q1 2023
- Revenue rose to $115.2 million despite losses
- The shift to AI data centers is funded by bitcoin sales
- Colocation revenue increased significantly to $77.5 million
Mentioned in this story
Core Scientific
Core Scientific (CORZ) reported a $347.2 million first-quarter loss even as revenue rose to $115.2 million, as the former bitcoin mining heavyweight sold 2,385 bitcoin for $208.3 million and wrote down $266.5 million of mining-related assets.
The company said the bitcoin sales were used to fund capital expenditures and other cash needs, extending a pattern of miners selling BTC to fund AI data centers.
The company also closed a $3.3 billion offering of 7.75% senior secured notes, proceeds it plans to use for data center development and to repay a $1 billion term loan facility. The bond sale was aimed at funding its shift from crypto mining to AI-focused data center operations.
Colocation revenue, the company revealed, rose to $77.5 million from $8.6 million a year earlier, making it Core Scientific’s largest business line, according to the company’s earnings release.
Crypto mining revenue fell to $30.1 million from $67.2 million, driven by a 45% drop in bitcoin mined and an 18% drop in the average bitcoin price, CORZ said.
The company operated 10 data centers across seven U.S. states at the end of March, representing about 1.9 GW of gross utility power capacity and 1.3 GW of leasable customer power capacity, according to its latest 10-Q.
Core Scientific said in its filing that its first high-density colocation contract with CoreWeave was later expanded to 590 MW of leased customer power capacity.
A February 2025 expansion brought CoreWeave’s contracted infrastructure with Core Scientific to about 590 MW across six sites and lifted projected revenue to $10.2 billion over 12-year terms.
Customer concentration remains high. Core Scientific’s 10-Q said one colocation customer generated 67% of total revenue in the first quarter, up from 11% a year earlier.
Core Scientific’s AI pivot has been under investor scrutiny since CoreWeave’s failed roughly $9 billion all-stock takeover attempt. The company emerged from and has since become one of the main examples of bitcoin miners trying to turn access to power into contracted AI infrastructure revenue.
Q&A
How much bitcoin did Core Scientific sell in Q1 2023?
Core Scientific sold 2,385 bitcoin for $208.3 million in the first quarter of 2023.
What were the financial results for Core Scientific in Q1 2023?
Core Scientific reported a $347.2 million loss and $115.2 million in revenue for Q1 2023.
Why is Core Scientific shifting from bitcoin mining to AI data centers?
Core Scientific is pivoting to AI data centers to fund its operations and address cash needs, as indicated by its recent bitcoin sales.
