Core Scientific Shares Drop 6% After May Decline in Bitcoin Mining
By Chris Wack
Core Scientific shares were lower Wednesday after the company reported a drop in self-mined bitcoin in May, dropping to 447 from 803 in April.
Shares were down 6% to $6.42 in recent trading. The stock closed Tuesday's session up 40%, and is up 87% in the past three months.
The bitcoin mining and hosting services company said it averaged 14.4 bitcoin per day in May, down from 26.8 mined in April.
For the month, Core sold 453 bitcoin for proceeds of $29.4 million. Bitcoin was trading at 70,727 a unit at 10:05 a.m. ET, up 12% in the past month, and 165% in the past 12 months.
At month's end, Core Scientific operated 173,000 owned bitcoin miners, representing 79% of the bitcoin miners operating in its data centers and a total energized hash rate of 20.4 EH/s.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
June 05, 2024 10:33 ET (14:33 GMT)
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