Bitcoin Mining Company Core Scientific Blows Past Analyst Predictions

Core Scientific is the largest publicly-traded bitcoin mining company by hashrate, and just reported financials for 2021 that exceed analysts’ predictions.

In the fiscal year ending on December 31st, 2021, Core Scientific’s total revenue increased 803% to $544.5 million. Analyst estimates were at $507.1 million, according to FactSet.

“Across our business we are executing our plans effectively and remain well positioned to continue expanding our capacity and creating shareholder value,” said CEO Mike Levitt in a statement.

The company went public in January through a merger with special-purpose acquisition company Power & Digital Infrastructure Acquisition. While earnings in the first half of the year were more moderate, sales in the fourth quarter reached $301.8 million, eclipsing analyst predictions of $205.7 million.

As for hashrate growth in 2022, Core Scientific is expecting non-linear growth in the face of global supply chain issues. However, the company still expects to hit year-end targets.

“We think that approximately 30% of our 2022 infrastructure development will be completed by the end of the second quarter,” Levitt said, with the rest coming in the latter half of the year. He also noted that the company would explore “new technology, bitcoin-related financing alternatives” to raise funding for its growth.

Shares rose almost 3% in post-market trading on Tuesday.