Core Scientific Reports 22% Revenue Decline in 2023 Despite Mining 19,274 BTC

According to CryptoPotato, Bitcoin mining firm Core Scientific reported a total revenue of $502.4 million for the fiscal year 2023, reflecting a decrease of $137.9 million or 22% from the $640.3 million recorded in the previous year. The company successfully mined 19,274 BTC (valued at approximately $1.4 billion) during 2023 despite undergoing bankruptcy. The decline in total revenue was attributed to several factors, including an $82.8 million reduction resulting from the company’s withdrawal from the equipment sales business in fiscal year 2022, a decrease of $47.6 million in hosting revenue due to the termination of contracts for certain clients with less profitable hosting rates, and a $7.5 million decline in revenue from digital asset mining. Increased mining difficulty, associated with the surge of the global Bitcoin network hash rate during fiscal year 2023 compared to the previous year, also contributed to the revenue decline. However, this decrease was partially offset by an increase in revenue due to the deployment of additional mining units in Core Scientific's self-mining fleet. The company's annual net losses improved, recording only $246.5 million for 2023, a decrease from the $2.14 billion net loss recorded in 2022. In the fourth quarter of 2023, net losses stood at $195.7 million, showing a reduction from $434.9 million in the fourth quarter of 2022. Core Scientific CEO Adam Sullivan stated that the company's growth plan and diversified platform give it the ability to refresh its fleet with more efficient miners, scale its business with favorable economics, and position itself well for the upcoming halving and beyond. Core Scientific emerged from Chapter 11 bankruptcy in January this year after undergoing a 13-month restructuring process and subsequently relisted its shares on Nasdaq. The firm has 372 megawatts of infrastructure across two Texas data centers in varying stages of development and plans to ramp up its capacity by more than 50% over the next four years.

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