Core Scientific to Exit Bitcoin Mining by End of 2026

exit Bitcoin mining — Public Bitcoin miner Core Scientific announced it expects to complete its exit from Bitcoin mining by the end of 2026, pivoting to become a pure-play data center provider for artificial intelligence and high-performance computing.

Chief Financial Officer Jim Nygaard stated during a Q3 earnings call that the company anticipates finishing the wind-down in the fourth quarter and entering 2027 as a high-density colocation provider. The company had previously signaled the end of its hosted mining operations by December 31.

The shift is reflected in its latest financial results. Bitcoin mining revenue fell to just $17.5 million, or 7.5% of Core Scientific’s total third-quarter revenue of $232.9 million. The vast majority of revenue, $215.4 million, now comes from colocation services. Self-mining revenue dropped to $12.3 million from $57.4 million a year earlier.

The company’s move into AI hosting began in 2024 with a deal with CoreWeave. Mining economics added pressure, with Core Scientific recording $266.5 million in mining-related asset impairments in Q1 2026, citing weaker Bitcoin prices and low hashprice. The company had nearly 50% fewer miners online at the end of September compared to the end of 2025.