U.S. Bitcoin (BTC) mining company Core Scientific has reported positive results for its fiscal year 2021 compared to the previous year. Revenue increased 803% to $544.5 million and gross profit increased 2443% to $238.9 million.
A major BTC miner cited growth in hash rate, mining equipment sales, host revenue, and digital asset mining revenue as the main reasons behind the performance gains. There is no doubt that the rise in the price of bitcoin also played a role.
The results were announced on Tuesday and show a total net income (net of expenses) of $47.3 million last year. This figure represents a significant increase in the net loss of $12.2 million in 2020.
In terms of Core Scientific revenue streams, host revenues are up 91% yoy to $79.3M in 2021, hardware sales are up 1871% to $248.2M, and digital asset mining revenues are up $3440. % to USD 216.9 million.
2021 Summary: Nuclear Science
Mike Levitt, CEO of Core Scientific, said that the company’s BTC mining hash rate has grown “from less than 3.0 EH/s by the end of 2020 to 13.5 EH/s by the end of 2021”, resulting in over 5700 BTC. recovered. .
Looking ahead, Levitt stated that the company is on track to implement its expansion plans in 2022:
“In the first two months of 2022, our total hash rate rose to 15.9 EH/s and we extracted over 2,000 bitcoins ourselves. In all areas of our activity, we are actively implementing our plans and continue to be well positioned to further expand our capacities. and create shareholder value. »
While the company had strong growth across the board, the trend was also on the spending side of the equation. Cost revenue increased 500% to $305.6 million. Meanwhile, net income was partially offset by $41.3 million from “non-operating expenses related to our convertible certificates” and a $14.6 million increase in interest expense from schemes. financing.
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Core Scientific also noted that operating income “was offset primarily by higher general and administrative expenses of $46.0 million driven by higher share-based compensation expenses of $29.8 million and $37.2 million of impairment charges.” assets in digital currency. .
Following the company’s impressive 2021 results, Core Scientific founder Darren Feinstein took the time to criticize 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 greener consensus model like Proof of Stake. Feinstein said that Greenpeace sold bitcoins.