From Cointelegraph

May 7, 2025 10:32pm:

Nasdaq-listed Core Scientific Inc. reported a $580 million net profit in Q1 2025 but missed revenue estimates due to decreased mining profits. Revenue was $79.5 million, missing estimates by 8.11%. Primary revenue sources were self-mining, hosted mining, and colocation, totaling $79.5 million. Bitcoin rewards halving and shift to HPC hosting contributed to revenue drop.

Core Scientific’s net income more than doubled from the year-ago quarter, reaching $210 million. Despite the revenue miss, the company saw growth in self-mining, hosted mining, and colocation revenue. The drop in Bitcoin rewards and operational shift to HPC hosting impacted profits, offset by higher Bitcoin prices and lower power costs.

Core Scientific reported an inflection point in Q1 as it positioned itself at the center of the AI shift. The CEO noted the acceleration of demand for high-performance data infrastructure. Shares closed down 1%, but rose over 3% after hours. A $1.2 billion data center expansion deal with AI startup CoreWeave was announced, anticipating $360 million in annualized colocation revenue.

VanEck estimated that if Bitcoin mining companies shift 20% of energy capacity to AI and HPC by 2027, they could increase yearly profits by $13.9 billion over 13 years. Riot Platforms appointed new directors with experience in converting mining assets to HPC. Other firms like Hive Digital, Hut 8, and Iris Energy have already converted operations to HPC and AI.

Read more at Cointelegraph: Bitcoin miner Core Scientific posts $580M Q1 profit but misses revenue estimates