Bitcoin mining firm Core Scientific announced that total revenue for fiscal year 2023 amounted to $502.4 million, reflecting a decrease of $137.9 million or 22% from the $640.3 million recorded in the previous year.
Core Scientific said that it had successfully mined 19,274 BTC (valued at approximately $1.4 billion) during 2023 despite undergoing bankruptcy.
Core Scientific Reports Revenue Fall
According to the official press release, the decline in total revenue stemmed mainly from several factors.
This included an $82.8 million reduction resulting from the company’s withdrawal from the equipment sales business in fiscal year 2022, a decrease of $47.6 million in hosting revenue due to the termination of contracts for certain clients with less profitable hosting rates, and a $7.5 million decline in revenue from digital asset mining.
Another factor was the increased difficulty in mining, which is associated with the surge of the global Bitcoin network hash rate during fiscal year 2023
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