Core Scientific seems highly bullish
Core Scientific, if compared to the previous year, have seen its revenue increasing by 803% to $544.5 million. The company reported gross profit going up by 2,443% to $238.9 million in 2021. The spike in gross profit was mostly due to a $163.6 million increase in gross profit for the mining segment, which had a gross margin of 77% in 2021 vs 51% in 2020.Apart from booming Bitcoin prices, the Bitcoin mining giant noted the growth in hash rate, hosting revenue, mining equipment sales, crypto mining income as primary reasons for the amazing results.
Core Scientific reveals the net income going up to $47.3 million, which is a drastic improvement from the 2020’s net loss of $12.2 million.
The company's revenue streams climbed by 91% from 2020 to 2021, to $79.3 million in hosting revenue, 1,871% to $248.2 million in equipment sales, and 3,440% to $216.9 million in crypto mining income.
Expansion plans
In the announcement, Mike Levitt, the Chief Executive Officer revealed that the total hashrate has increased from less than 3.0 EH/s in 2020 to 13.5 EH/s in 2021. He said that Core Scientific is readying to meet its expansion goals in 2022 by stating:“In the first two months of 2022, our total hashrate grew to 15.9 EH/s and we self-mined over 2,000 bitcoins. Across our business, we are executing our plans effectively and remain well-positioned to continue expanding our capacity and creating shareholder value.”Following the company's outstanding 2021 results, Core Scientific founder Darin Feinstein slammed Greenpeace and Ripple chairman Chris Larsen after the two teamed together last week to start the "change the code, not the climate" campaign. The movement intends to transform Bitcoin into a more ecologically friendly consensus model, such as Proof of Stake.
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