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Bitcoin miner Core Scientific’s 2021 revenue soars by 803% to $544.5M

The company’s gross profit in 2021 also soared to $238.9 million, an increase of $229.5 million or 2,443 percent from the previous year’s gross profit of $9.4 million.

Image by: Jernej Furman / Flickr

Wed, 30 Mar 2022, 13:12 pm UTC

Core Scientific, the largest publicly traded Bitcoin (BTC) mining company, just announced its full fiscal year 2021 results. The company was able to beat analyst estimates by posting a massive 803 percent growth in total revenue.

In a press release, Core Scientific reported total revenue of $544.5 million for 2021. The figure is $484.2 million or 803 percent higher than 2020’s revenue of only 60.3 million while simultaneously beating analyst estimates of $507.1 million, according to Coindesk.

The company’s gross profit in 2021 also soared to $238.9 million, an increase of $229.5 million or 2,443 percent from the previous year’s gross profit of $9.4 million. The sharp increase is primarily driven by the $163.3 million increase in gross profit in the company’s Bitcoin mining business as well as the $65.9 million increase in gross profit for its equipment sales and hosting businesses.

Meanwhile, net income rose to $47.3 million in 2021. The figure is a $59.5 million increase from the net loss of $12.2 million the company posted in 2020.

“Adjusted EBITDA increased $232.9 million to $238.9 million in 2021 from $6.1 million in 2020,” Core Scientific wrote. “The increase was due to higher gross profit, excluding depreciation and amortization, partially offset by higher operating expenses, excluding share-based compensation and depreciation and amortization.”

The company also increased its Bitcoin self-mining capacity by more than 10 EH/s last year. This resulted in a 350 percent increase in BTC production to 5,769 coins in 2021. The company reported that it held 5,296 BTC at year-end.

“Our total hashrate increased from less than 3.0 EH/s at year-end 2020 to 13.5 EH/s at year-end 2021,” Core Scientific Chief Executive OfficerMike Levitt said. “This market-leading growth generated over 5,700 self-mined bitcoins in 2021.”

This explosive growth in self-mining capacity continued this year. “In the first two months of 2022, our total hashrate grew to 15.9 EH/s and we self-mined over 2,000 bitcoins,” the CEO added. “Across our business we are executing our plans effectively and remain well-positioned to continue expanding our capacity and creating shareholder value.”

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