Consensus Mining & Seigniorage (CMSG) Q1 2024 earnings summary

Executive summary

• Mining revenue reached $1.5 million in Q1 2024, a 36% increase from the prior quarter.

• Net income surged to $9.1 million, up from $0.5 million in Q4 2023, driven by unrealized appreciation in digital assets.

• 22.9 BTC, 1,649 LTC, and 20 BCH were mined and retained; 1.5 million DOGE mined, mostly sold.

• Cryptocurrency holdings at period-end valued at $21.2 million.

Financial highlights

• Cost of revenue was $0.7 million, up from $0.5 million in Q4 2023 due to higher hosting expenses.

• Operating income was $44,982, reversing a prior quarter operating loss.

• Non-operating income, mainly from mark-to-market gains and interest, totaled $9.1 million.

• Total assets stood at $90.6 million, with $63.2 million in cash and equivalents.

Outlook and guidance

• The company expects a transitional period post-Bitcoin halving, with potential for older, less efficient equipment to be taken offline.

• Plans to continue deploying new, efficient mining equipment and monitor profitability closely.