US-based bitcoin mining company Core Scientific has released upbeat fiscal 2021 results year-over-year, with its revenue up 803% to $544.5 million and gross profit up 2,443% to $238.9 million have risen.
the big BTC miner Highlighted hash rate growth, Sale of mining machines, hosting revenue, digital asset mining revenue as the main reasons for the improved performance. The booming price of Bitcoin (BTC) undoubtedly played a role as well.
The results were announced on March 29 and reported total net income (take-home after expenses) for the past year was $47.3 million. The number marks a drastic increase from a net loss of $12.2 million in 2020.
In terms of Core Scientific’s revenue streams, hosting revenue increased 91% from 2020 to $79.3 million in 2021, equipment sales increased 1,871% to $248.2 million, and revenue from the digital Asset mining rose 3,440% to $216.9 million.
Core Scientific CEO Mike Levitt said that the company BTC mining hash rate surged “from less than 3.0 EH/s at year-end 2020 to 13.5 EH/s at year-end 2021,” resulting in more than 5,700 BTC mined.
Looking ahead, Levitt stated that the company is on track to fulfill its expansion plans in 2022:
“In the first two months of 2022, our overall hashrate increased to 15.9 EH/s and we self-mined over 2,000 bitcoins. Across our businesses, we are executing on our plans effectively and remain well positioned to continue to expand our capabilities and create shareholder value.”
While the company posted strong gains across the board, the trend was evident on the cost side of the equation as well, with cost of sales rising 500% to $305.6 million and net income boosted in part by “non-operating expenses” worth 41% $.3 million was offset in connection with our convertible debentures” and a $14.6 million increase in interest expense from financing agreements.
— Dave Greta | Author of Night Trading (@DGretta_Author) March 29, 2022
Core Scientific also noted that its operating income was “primarily offset by higher general and administrative expenses of $46.0 million, offset by higher stock-based compensation expense of $29.8 million and higher impairments of $37.2 million in digital currency assets.
Following the company’s impressive results in 2021, Core Scientific founder Darin Feinstein took some with him as well Time strike 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 transition Bitcoin to a greener consensus model like Proof of Stake. Feinstein said Greenpeace sold out Bitcoiners.
Yesterday, out of the 100 million+ active Bitcoin users worldwide, 99% supported @Greenpeace
Then for 5 million dollars #Greenpeace all sold out to support an unregistered security
— Darin Feinstein (@DarinFeinstein) March 30, 2022
https://cointelegraph.com/news/core-scientific-strikes-digital-gold-revenue-up-800-gross-profit-up-2500 Sales up 800%, gross profit up 2500%