Core Scientific will quit bitcoin mining by the end of the year

The numbers. According to the company's report, Core Scientific's total revenue in the third quarter of 2026 was $232.9 million, up from $81.1 million a year earlier. Almost all of it, $215.4 million, came from colocation, meaning renting space, power and cooling in its data centers to customers. A quarter earlier it was $136.7 million. Its own mining brought in $12.3 million, down from $57.4 million a year earlier, and made a gross loss of $7.5 million.

Leaving mining. On the earnings call, the company said it expects to complete its exit from bitcoin mining by year-end. Crypto Briefing reports that from 2027 Core Scientific wants to work only as a provider of capacity for AI and high-performance computing, and that its mining fleet has been cut by almost half since the end of 2025.

Customers. According to Crypto Briefing, the company has a long-term contract with CoreWeave for about 590 MW and a deal with AMD for an initial 500 MW plus. As of September 30, customers were paying for 485 MW, which the company says equals more than $700 million in yearly revenue.

Bitcoin on the balance sheet. Digital assets on the balance sheet fell to $2.7 million on September 30 from $222 million at the end of 2025. Over nine months the company sold mined coins for $286.8 million.

Caveats. Net income of $1.18 billion came mostly from a paper gain on warrants, not from the business. Capital spending in the quarter was $985.1 million, and long-term debt is $4.3 billion. Bitcoin: https://freekonomist.com/en/crypto/btc/ . This is a news summary, not advice.

Confirmed facts

• Core Scientific expects to complete its exit from bitcoin mining by the end of 2026.^[2][3]
• Colocation revenue in Q3 2026 was $215.4 million, up from $136.7 million in Q2.^[1]
• Total revenue was $232.9 million, up from $81.1 million a year earlier.^[1]
• Self-mining revenue was $12.3 million, down from $57.4 million a year earlier; the segment made a gross loss of $7.5 million.^[1][3]
• As of September 30, 2026, customers were billing for 485 MW, more than $700 million in annualized colocation revenue.^[1]
• Net income of $1.18 billion came mainly from a non-cash change in the fair value of warrants; adjusted EBITDA was $133.6 million.^[1]
• Digital assets on the balance sheet were $2.7 million on September 30, down from $222 million on December 31, 2025; sales of mined coins over nine months brought $286.8 million.^[1]
• The company has a contract with CoreWeave for about 590 MW and a deal with AMD for an initial 500 MW plus.^[3]
• The company ended a mining chip supply agreement and booked a $41.9 million loss.^[1][3]

Implications

• ConfirmedMining now loses money for Core Scientific and adds little to its revenue.
• Our readingCore Scientific shares now depend more on demand for AI capacity than on the bitcoin price. This is our view.
• Our readingIf other miners take the same path, bitcoin network hashrate could grow more slowly. This is our view, not a forecast.

Still unknown

• How much bitcoin network hashrate leaves with Core Scientific's machines
• What the company does with its remaining miners
• Whether it delivers new capacity for AMD on time

Who it affects

United States, World. People who hold bitcoin or follow miner and AI infrastructure stocks

Sources

1. Core Scientific: Core Scientific Announces Third Quarter 2026 Results November 5, 2026 · official
2. The Motley Fool: Core Scientific (CORZ) Q3 2026 Earnings Call Transcript November 5, 2026 · media
3. Crypto Briefing via TradingView: Core Scientific plans to exit Bitcoin mining by the end of 2026 November 5, 2026 · media