News 
Coin Information 
About us 
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.”
Comment 20