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

Core Scientific, a U.S. Bitcoin mining company, has reported bullish 2021 financial year results compared with the year before. Its revenue increased by 803% to $544.5 Million and its gross profit grew 2,443% at $238.9million.

Major BTC miner cited the increased hash rate, sales of mining equipment, hosting revenue and digital asset mining income, as key factors for the improvement in performance. The boom in Bitcoin’s price (BTC), is also a factor.

The results, which were released on March 29, show that the total net income (take-home before expenses) was $47.3 million. This figure is a dramatic increase on the $12.2 million net loss in 2020.

Core Scientific’s revenue streams include hosting revenue increasing 91% between 2020 and $79.3million in 2021, equipment sales increasing by 1,871%, $248.2million, and digital asset mining income growing 3,440% to $216.9million.

Summary of 2021: Core Scientific

Mike Levitt, Core Scientific CEO, stated that the firm’s BTC mining rate rose from less than 3.0 EH/s in year-end 2020 to 13.5 EH/s in year-end 2021. This resulted is more than 5,700 BTC mined.

Levitt said that the company is on track for its 2022 expansion plans.

“In the first 2 months of 2022, our total hashrate increased to 15.9 EH/s. We self-mined more than 2,000 Bitcoins. We are successfully executing our business plans and are well-positioned to expand our capacity and create shareholder value.

The firm saw strong growth across the board. However, expenses also showed a trend. The cost of revenue increased by 500% to $305.6 Million and net income was partially offset by $41.3 Million worth of “non operating expenses” related to convertible notes and a $14.6M increase in interest expense from financing arrangements.

Related: The Bitcoin Shitcoin Machine: Mining BTC using biogas

i’d say $CORZ blew earnings out of the waterhttps://t.co/deIMOs8N2p
author of Night Trading (@DGretta_Author) March 29, 2022

Core Scientific noted that operating income was also affected by $46.0 million in higher general and administrative costs. This was due to $29.8million of higher stock-based compensation expense and $37.2million of higher impairments for digital currency assets.

Core Scientific founder Darin Friedstein took time to criticize Greenpeace chairman Chris Larsen and Ripple chairman Chris Larsen after they launched the “change code, not climate” campaign this week. This initiative is designed to transform Bitcoin into a more sustainable consensus model like Proof of Stake. Feinstein said Greenpeace had sold out Bitcoiners.

Yesterday, 99% of the 100+ million active bitcoin users worldwide supported @Greenpeace. Then, #Greenpeace sold all remaining bitcoins for $5M to support an unregistered security
— Darin Feinstein (@DarinFeinstein) March 30, 2022

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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