Core Scientific's Q4 revenue fell to $79.8 million due to a decline in Bitcoin mining revenue.

PANews reported on March 3rd that, according to The Block, Bitcoin mining company Core Scientific released its fourth-quarter financial report, showing a decline in mining revenue as the company shifted towards providing high-density hosting services. The company's total revenue in the fourth quarter decreased to $79.8 million from $94.9 million in the same period last year, with Bitcoin mining revenue falling from $79.9 million to $42.2 million. Hosting service revenue, however, surged to $31.3 million from $8.5 million, with the company citing expansion in its hosting business as the reason. Gross profit in the fourth quarter increased to $20.8 million from $4.8 million, but adjusted EBITDA was negative $42.7 million. As of the end of last year, the company's liquidity was $533.4 million, including $311.4 million in cash and equivalents and $222 million in Bitcoin.