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Core Scientific, a major Bitcoin miner, made a profit of 580 million dollars in the first quarter of the year
Core Scientific, one of the largest Bitcoin miners, recorded a net profit of 580 million dollars in the first quarter of 2025, which is more than double compared to last year.
However, its total revenue was reported at 79.5 million dollars, which is 8% less than analysts' expectations.
The decrease in revenue was due to the halving of Bitcoin mining rewards and the company's shift in focus to powerful computing hosting (HPC) for artificial intelligence.
The company recently signed a 1.2 billion dollar contract with an AI startup called CoreWeave and expects its hosting revenue to reach 360 million dollars per year by 2026.
Analysts say that mining companies entering the AI field can achieve multi-billion dollar profits.
