Core Scientific Inc., a Nasdaq-listed Bitcoin mining company, announced a net profit of $580 million in the first quarter of 2025. Despite missing revenue estimates due to a decline in mining profits, the company saw a significant increase in net income compared to the previous year. The total revenue for Q1 2025 was $79.5 million, falling short of analyst predictions by 8.11%. The drop in revenue was attributed to the halving event in April 2024, which reduced mining rewards. However, Core Scientific offset some losses with a rise in Bitcoin prices and lower power costs. The company’s shift towards high-performance computing (HPC) hosting also played a role in revenue generation. Core Scientific anticipates significant growth in colocation revenue by 2026, following a data center expansion deal with AI startup CoreWeave. The company’s CEO, Adam Sullivan, highlighted the first quarter as a turning point in positioning Core Scientific at the forefront of the evolving computing landscape.
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