Cryptocurrency miner Core Scientific (NASDAQ:CORZ) stock is rising nearly 4% in after hours trading as the company expects its hashrate and power to get boosted in 2022 following strong 2021 results.
The miner sees its hashrate growing to 40 to 42 exahash per second in 2022 vs. 13.5 EH/s in 2021. Targets 1,200 to 1,300 megawatts of power compared with 450+ MW in the year-ago period.
Meanwhile, revenue surged 803% to $544.5M in 2021, and came in above the $519.12M consensus.
2021 equipment sales of $248.2M jumped from just $12.6M in 2020, primarily due to higher demand for new generation mining equipment, the company explained.
Hosting revenue of $79.3M in 2021 also soared from $41.6M in 2020, driven by the execution of new customer hosting contracts for miners deployed.
Crypto mining income of $216.9M in 2021 vs. $6.1M in the previous year, driven by an increase in the company’s self-mining hash rate and higher Bitcoin (BTC-USD) prices. Its self-mining hash rate of 6.6 EH/s in 2021 drifted higher from 0.35 EH/s in the prior year.
It held 5,296 Bitcoins (BTC-USD) as of Dec. 31, 2021, with the carrying value of its mined digital assets at $243.3M, which reflects impairment charges of $37.2 million year-to-date.
2021 adjusted EBITDA was $238.9M in 2021, up substantially from $6.1M in 2020 due to higher gross profit, partially offset by higher operating expenses.
Take a look at Core Scientific’s full-year earnings call presentation.