Core Scientific, a Nasdaq-listed Bitcoin mining firm, reported a net profit of $580 million for Q1 2025, more than double its $210 million profit from the same period last year. However, its total revenue fell to $79.5 million, missing analysts' estimates by 8.11% and a decline from $179.3 million in Q1 2024. The drop in revenue is attributed to reduced mining profits following the Bitcoin halving on April 20, 2024, which halved mining rewards from 6.25 BTC to 3.125 BTC, alongside a transition to high-performance computing (HPC) hosting. Core Scientific's revenues consisted of $67.2 million from Bitcoin, with additional revenues from hosted mining and colocation services. Despite this setback, a 74% increase in Bitcoin production and a decrease in power costs helped mitigate losses. The company announced a $1.2 billion data center expansion plan, projecting an annualized colocation revenue of $360 million by 2026. Core Scientific's CEO emphasized the firm's strategic positioning in high-performance data infrastructure, reflecting a broader shift in the computing landscape.

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