The NASDAQ listed at Bitcoin Mining Firm Core Scientific Inc. was posting a net of $ 580 million along with the first quarter results, but analyst revenue estimates were missed after a fall in mining income.
Results of Q1 2025 of the Core Scientific, shared On May 7, it saw more than twice as much as $ 210 million net income from last year, as its total revenue reached $ 79.5 million, Zacks’ analysts were missing Estimates by 8.11%, and falling from $ 179.3 million in revenues for Q1 2024.
The main source of revenue of the company came from $ 67.2 million to income self.
Said the main scientific fall of it to Bitcoin (Btc) Mined and revenue due to division on April 20, 2024, when mining Rewards are cut off From 6.25 BTC to 3.125 BTC, and its operations on HPC hosting, especially used for artificial intelligence.
However the losses are partially -offset of a 74% increase in Bitcoin’s average price and a 33% decrease in power costs due to lower rates and uses.
As part of its HPC hosting shift, the main scientific ink a a Deal in February with the AI Coreweave startup For a $ 1.2 billion data center expansion. As a result, the Core Scientific expects to enter 2026 with annual colocation revenue of $ 360 million.
Inflection Point for miners in AI Shift
CEO CEO Adam Sullivan said in a statement that its first quarter was a “point of inflection,” while the firm was self-positioned in the “center of one of the most important changes in modern computing,” because the demand for high-performance data infrastructure was accelerated.
Related: Robinhood Beats Q1 estimated despite the income, crypto trading dip
Shares to the Core Scientific (Corz) closed the May 7 trade at 1%, which fell to $ 8.90, According to In Google Finance. However, they jumped more than 3% to trade at $ 9.24 after the bell.
In an August report, asset manager Vaneck Estimated that if the public exchanged bitcoin mining Companies have switched 20% of their energy capacity to the AI and HPC by 2027, they can increase an additional annual income of $ 13.9 billion in 13 years.
Riot platforms appointed three new directors on its board in February, One of whom has experience converting Bitcoin mining assets toward HPC.
Hive Digital, Hut 8 and Iris Energy converting part of their operations to HPC and AI last year, and Terawulf its stake sold At a Bitcoin mining facility for $ 92 million in October, with the proceeds marked for the AI -Host and the development of HPC data centers.
Magazine: Adam Back said the bitcoin price cycle was ’10x greater’, there’s ’empathy’ for ETF consumers
