Core Scientific, a Nasdaq-listed Bitcoin mining firm, reported a net profit of $580 million in its first quarter results for 2025, more than double its $210 million net income from the same period last year. However, its total revenue of $79.5 million fell short of Zacks analysts' expectations by 8.11%, and declined from $179.3 million in Q1 2024. The reduction in revenue was attributed to the Bitcoin halving on April 20, 2024, which cut mining rewards from 6.25 BTC to 3.125 BTC, alongside a strategic shift toward high-performance computing (HPC) hosting, which is increasingly in demand for artificial intelligence applications. Despite the dip in mining revenue, the company experienced a 74% increase in Bitcoin mined and a reduction in power costs by 33%. CEO Adam Sullivan identified the quarter as an “inflection point,” with expectations for annualized colocation revenue of $360 million by 2026 following a $1.2 billion data center expansion. After the earnings report, shares of Core Scientific saw a modest increase, briefly trading up over 3%.

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