Top Bitcoin mining firm Core Scientific posted an 803% increase in revenue and 2,443% gain in gross profit in 2021, with CEO Mike Levitt touting the firm is “well positioned” for further growth in 2022.
increased “from less than 3.0 EH/s at year-end 2020 to 13.5 EH/s at year-end 2021” which resulted in more than 5,700 mined BTC.“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.”
While the firm posted strong increases across the board, the trend also occurred on the expenses 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 worth of “non-operating expenses related to our convertible notes” and a $14.6 million increase in interest expense from financing arrangements.
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