VanEck’s Matthew Sigel said Bitcoin could reach $1M within 5 years, citing central bank adoption and younger investors.
Bitcoin News
Core Scientific reported $115.2 million in total revenue for the first quarter of 2026, up from $79.5 million in the same period a year earlier, but the Bitcoin miner swung to a net loss of $347.2 million compared to net income of $576.3 million in Q1 2025. Shares fell 7% in after-hours trading on Wednesday following the earnings release.
The revenue growth was driven primarily by the company's colocation business, which generated roughly $77.5 million in Q1 2026, up sharply from $8.6 million in the same period last year. Self-mining revenue, by contrast, fell to $30.1 million from $67.2 million in Q1 2025, a decline the company attributed to a strategic shift toward colocation services and an 18% drop in the average BTC price.
The $347.2 million net loss was driven primarily by $266.5 million in non-cash impairment charges and a $30.8 million non-cash loss tied to changes in the fair value of warrants and contingent value rights. Gross profit still improved to $30.1 million from $8.2 million in Q1 2025.
CEO Adam Sullivan said the company is investing ahead of contracts, advancing ready-for-service dates and moving development forward across multiple sites. He described Core Scientific's ability to combine capital readiness with speed to delivery as a key differentiator in the current market.
On the same day it released earnings, Core Scientific announced a $421 million deal to acquire Oklahoma-based Bitcoin miner Polaris DS LLC, which is expected to give the company access to 440 megawatts of contracted power through Oklahoma Gas and Electric. The stock had gained 11% to close at $24.63 during the regular session before the after-hours decline.
Core Scientific has expanded its total gross power capacity pipeline to 4.5 gigawatts, including planned 1.5 GW expansions at campuses in Muskogee, Oklahoma, and Pecos, Texas. The company also completed the acquisition of land and power in Texas for approximately $233 million, expected to support around 430 MW of gross power capacity.
The firm has been broadening its business beyond Bitcoin mining toward artificial intelligence infrastructure and high-performance computing colocation. Earlier this year, Core Scientific announced a $3.3 billion private debt offering and secured credit lines totaling $1 billion from JPMorgan and Morgan Stanley to support that expansion across sites in Texas, Georgia, North Carolina and Oklahoma.
