COINTELEGRAPH · 2026-11-06 00:19 UTC

Core Scientific to quit Bitcoin mining by year-end as AI business surges

Core Scientific expects to finish exiting Bitcoin mining in Q4 2026 and to become a pure-play high-density colocation provider in 2027, per CFO Jim Nygaard on the Q3 earnings call. Q3 self-mining revenue fell to $12.3 million from $57.4 million a year earlier; Bitcoin mining made up just 7.5% of $232.9 million total revenue, versus $215.4 million from colocation. The company recorded $266.5 million in mining-related impairments in Q1 2026 and a $41.9 million loss from terminating its Block and Proto mining equipment agreement in Q2.

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