Core Scientific will stop mining bitcoin by year-end
The company says it will finish leaving bitcoin mining in the fourth quarter and become a pure colocation provider for AI workloads, according to Bitcoin Magazine.
The facts
- Management said on the Q3 earnings call that the wind-down will finish in the fourth quarter, according to Bitcoin Magazine.
- Colocation revenue was $215.4 million of $232.9 million total, while self-mining revenue fell to $12.3 million from $57.4 million a year earlier.
- Digital assets on the balance sheet were $2.7 million on Sept. 30, down from $222 million at year-end 2025.
- Core Scientific is billing for 485 MW of colocation capacity, with the CoreWeave and AMD-backed agreements covering about 1.1 GW in total.
Case notes · Danny's take
Why it matters
A listed miner is walking away from mining and getting paid more for renting out power and floor space. That is the real signal. Electricity and data-centre capacity are now worth more to some firms than the coins they could produce. Peers are leaning the same way, so watch how much of the mining sector keeps choosing AI tenants over hash rate.
For traders
Don't trade the headline. Watch whether the last machines go offline on schedule and whether the AMD financing lands, as the source flags. Also watch miner coin sales in filings: the balance sheet shows this firm has already sold almost everything.
For builders
Power, cooling and floor space are the scarce assets, and AI tenants are paying for them. If you build infrastructure tools, hosting or energy services, the demand is shifting from hash rate to high-density compute.
Not financial advice. Do your own investigation.
This story was summarised with AI from Bitcoin Magazine's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.