Core Scientific Reports Q4 Earnings Decline Amid Shift to High-Density Hosting Services

Bitcoin mining firm Core Scientific has announced its fourth-quarter financial results, revealing a decrease in revenue driven by a strategic pivot towards providing high-density hosting services. The company's total revenue for Q4 fell to $79.8 million, down from $94.9 million in the same period last year.

Specifically, bitcoin mining revenue saw a significant drop from $79.9 million to $42.2 million. Concurrently, revenue from hosting services experienced a substantial increase, surging from $8.5 million to $31.3 million, which the company attributed to the expansion of its hosting operations.

Despite an increase in gross profit from $4.8 million to $20.8 million for the fourth quarter, Core Scientific reported a negative adjusted EBITDA of $42.7 million. As of the end of last year, the company's liquidity stood at $533.4 million, comprising $311.4 million in cash and equivalents, and $222 million in bitcoin.

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