Revenue up 800%, gross profit up 2,500%

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The company pointed to growth in hash rate, mining equipment sales, hosting revenue, and digital asset mining revenue as the main reasons for the improved performance.

U.S. bitcoin mining firm Core Scientific reported bullish fiscal 2021 results year-on-year, with revenue up 803% to $544.5 million and gross profit up 2,443% to $238.9 million.

The leading BTC miner pointed to growth in hash rate, mining equipment sales, hosting revenue, and digital asset mining revenue as key reasons for the improved performance. The booming price of Bitcoin (BTC) undoubtedly also played a role.

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

In terms of Core Scientific’s revenue stream, hosting revenue increased 91% from 2020 to $79.3 million in 2021, equipment sales increased 1,871% to 248, $2 million and digital asset operating revenue increased 3,440% to $216.9 million.

2021 review: Core Scientific

Core Scientific CEO Mike Levitt said the company’s BTC mining hash rate has grown “from less than 3.0 EH/s at the end of 2020 to 13.5 EH/s at the end of 2021”, resulting in the mining of over 5,700 BTC.

Looking ahead, Levitt said the company is on track to realize its expansion plans in 2022:

In the first two months of 2022, our total hash rate increased to 15.9 EH/s and we self-mined over 2,000 Bitcoins. Across our business, we are executing our plans effectively and remain well positioned to continue to build our capacity and create shareholder value.

Although the company saw 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 profit being partially offset by $41.3 million in “non-operating expenses”. related to our convertible notes” and an increase of $14.6 million in interest expense resulting from financing agreements.

Core Scientific also noted that its operating profit was also “primarily offset by $46.0 million of higher general and administrative expenses, which were driven by $29.8 million of compensation-based expense.” higher equities and $37.2 million higher impairments of digital currency assets.

Following the company’s impressive 2021 results, Core Scientific founder Darin Feinstein also took the time to slam Greenpeace and Ripple chairman 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 Greenpeace sold Bitcoiners.

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