Revenue up 800%, gross profit up 2500%

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Cointelegraph By Brian Quarmby
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U.S. Bitcoin mining firm Core Scientific has released peak results for fiscal year 2021 compared to the previous year, with its revenue rising 803% to $ 544.5 million and gross profit growing 2,443% to $ 238.9 million.

The major BTC miner highlighted growth in hash rate, mining equipment, hosting revenue, digital assets mining revenue as the main reasons for the improved performance. The rising price of Bitcoin (BTC) has undoubtedly also played a role.

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

As for 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 digital assets mining revenue grew 3,440%, to $ 216.9 million.

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2021 summary: Core Scientific

Core Science CEO Mike Levitt said the company’s BTC mining hash rate had increased “from less than 3.0 EH / s by the end of 2020 to 13.5 EH / s by the end of 2021”, resulting in more than 5,700 mined BTC .

Looking forward, Levitt said the company is on track to fulfill its 2022 expansion plans:

“In the first two months of 2022 our total hashrate has grown to 15.9 EH / s and we have mined more than 2,000 Bitcoins. In our business we are implementing our plans effectively and remain well positioned to continue to expand our capacity and create shareholder value.”

While the firm posted strong increases across the board, the trend also occurred on the expense side of the equation, with the cost of revenue increasing by 500% to $ 305.6 million and net income being partially offset by $ 41.3 million of “non-functional expenses “. related to our convertible notes ”and an increase of $ 14.6 million in interest expense on financial 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 were driven by $ 29.8 million of higher equity compensation expense, and $ 37.2 million of higher digital impairments. currency assets.

Following the company’s impressive results in 2021, Core Scientific founder Darin Feinstein also took some time slam 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 like Proof of Stake. Feinstein said Greenpeace has run out of Bitcoiners.