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

Core Scientific said it expects to exit Bitcoin mining by the end of 2026 as it shifts its business toward artificial intelligence and high-performance computing infrastructure. 

“We expect to complete the wind-down during the fourth quarter and enter 2027 as a pure-play, high-density colocation provider,” said Core Scientific chief financial officer Jim Nygaard during a Q3 earnings call on Thursday. 

Core Scientific had previously disclosed in a July quarterly filing that hosted mining would end by Dec. 31 as it continued to wind down its self-mining operations. The comment establishes a targeted completion date for its complete Bitcoin mining exit. 

Its latest quarterly results show how far the business has shifted. Third-quarter self-mining revenue fell to $12.3 million from $57.4 million a year earlier, while revenue from hosting other miners dropped to $5.2 million from $8.7 million. 

Bitcoin mining generated just $17.5 million, or 7.5%, of Core Scientific’s $232.9 million in third-quarter revenue, compared with $215.4 million from colocation services. 

The company had nearly 50% fewer miners online at the end of September than at the end of 2025, according to Nygaard. 

Core Scientific pivot to AI