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 company's main source of revenue came from $ 67.2 million in self-mining revenue, $ 3.8 million in hosted mining income, and $ 8.6 million in colocation, previously listed as hosting high-performance computing (HPC).
The Core Scientific said its collapse into the Mined and Bitcoin (BTC) revenue was due to dividing on April 20, 2024, when mining rewards were cut from 6.25 BTC to 3.125 BTC, and its operational HPC hosting, mainly used for artificial intelligence.
However, losses are partially a 74% increase in the average bitcoin price and a 33% decrease in electricity costs due to lower rates and use.
As part of the HPC hosting shift, the Core Scientific Inked A Deal in February with the AI startup coreweave 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 had exchanged mining companies in Bitcoin had switched 20% of their energy capacity to the AI and HPC by 2027, they could increase the additional annual income of $ 13.9 billion in 13 years.
Riot platforms appointed three new directors on its board in February, one of which has experience converting Bitcoin mining assets to the HPC.
Hive Digital, Hut 8 and Iris Energy changed part of their operations at the HPC and AI last year, and Terawulf sold its stake at a Bitcoin mining facility for $ 92 million in October, with the proceeds marked for the recovery of AI and developing HPC data centers.
Magazine: Adam Back said the bitcoin price cycle was '10x greater', there's 'empathy' for ETF consumers
