Core Scientific reported a negative 56% gross margin on Bitcoin self-mining in Q2, with a segment loss of $12.2 million despite $21.5 million in revenue. AI colocation generated $80 million in gross profit on $136.7 million in revenue, exceeding the company’s consolidated total gross profit of $70 million. Billing colocation capacity reached 437 MW by mid-July against roughly 1.1 GW of leased customer power tied to over $24 billion in potential contracted revenue. The company is accelerating conversion of its mining facilities to high-density AI colocation, exemplified by 15-year agreements with AMD covering approximately 530 MW across five sites and over $14 billion in potential base contracted revenue. The quarter’s $1.16 billion net loss was primarily driven by a $1.05 billion fair-value expense for warrants and contingent value rights.
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