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Core Scientific strikes digital gold: Revenue up 800%, gross profit up 2500%

March 30, 2022No Comments

US Bitcoin mining company Core Scientific has posted bullish results for fiscal 2021 compared to the previous year, with its revenue up 803% to $544.5 million and gross profit up 2,443. % to $238.9 million.

the top BTC miner notable growth in hash rate, sale of mining equipment, hosting income, digital asset mining income as key reasons for improved performance. No doubt the booming price of Bitcoin (BTC) also played a role.

The results were Announced on March 29 and show total net income (after expenses) totaling $47.3 million last year. The figure marks a drastic increase from the $12.2 million net loss seen in 2020.

In terms of Core Scientific revenue streams, hosting revenue increased 91% from 2020 to $79.3 million in 2021, equipment sales increased 1,871% to $248.2 million, and Digital asset mining revenue increased 3,440% to $216.9 million.

2021 Summary: Core Scientific

Core Scientific CEO Mike Levitt said the company BTC mining hash rate increased โ€œfrom less than 3.0 EH/s at the end of 2020 to 13.5 EH/s at the end of 2021โ€, resulting in more than 5,700 BTC mined.

Looking ahead, Levitt stated that the company is on track to meet its expansion plans in 2022:

โ€œIn the first two months of 2022, our total hash rate grew to 15.9 EH/s and we mined over 2,000 Bitcoins. Across our business, we are executing our plans effectively and remain well positioned to continue to expand our capacity and create shareholder value."

While the company posted strong increases across the board, the trend also occurred on the expense side of the equation, with cost of revenue rising 500% to $305.6 million and net income partially offset by a value of $41.3 million in "non-operating expenses". related to our convertible notesโ€ and a $14.6 million increase in interest expense from financing arrangements.

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Core Scientific also noted that its operating income was also "primarily offset by $46.0 million of higher general and administrative expenses, which was driven by $29.8 million of higher stock-based compensation expense and $37.2 million of higher asset impairment." of digital currency.

Following the company's impressive results in 2021, Core Scientific founder Darin Feinstein also took some hour hit Greenpeace and Ripple President Chris Larsen, after the duo teamed up this week to launch the "change the code, not the climate" campaign. The initiative aims to fundamentally change Bitcoin to a more environmentally friendly consensus model, such as Proof-of-Stake. Feinstein said that Greenpeace had sold Bitcoiners.