PANews reported on May 7th that, according to The Block, Bitcoin mining company Core Scientific released its first-quarter financial report. Despite year-over-year growth in revenue and gross profit, the company reported a net loss of $347 million, compared to a net profit of $576 million in the same period last year, due to non-cash impairment losses and changes in the fair value of warrants. The company's total revenue for the first quarter was $115.2 million, higher than $79.5 million in the same period last year; of which, hosting revenue was approximately $77.5 million, significantly higher than $8.6 million in the same period last year; while self-mining revenue decreased to $30.1 million from $67.2 million in the same period last year. The company stated that the decline in self-mining revenue was mainly due to a 45% decrease in Bitcoin mining volume and an 18% drop in the average Bitcoin price. Following the release of the financial report, Core Scientific's stock price fell 7% in after-hours trading.