Core Scientific to Exit Bitcoin Mining by Year End for AI Shift

Core Scientific will finish winding down its bitcoin mining operations in the fourth quarter and enter 2027 as a pure-play artificial intelligence colocation provider, Bitcoin Magazine Markets and TradingView reported. Chief Financial Officer Jim Nygaard told investors on Thursday that the company expects to complete the wind-down during the fourth quarter. Chief Executive Officer Adam Sullivan confirmed the same timeline on the company's third-quarter earnings call, according to Bitcoin Magazine Markets. [1][8][10]

The operational shift caps a transition that has cut Core Scientific's bitcoin mining fleet nearly in half, Bitcoin Magazine Markets reported. The company reported that its self-mining revenue has fallen to $12.3 million. Meanwhile, BigGo Finance reported that colocation revenue jumped 60 percent to $215 million, while adjusted EBITDA tripled to $134 million as CoreWeave capacity reached 485 megawatts. [1][9]

Core Scientific is a United States based company registered in Dover, Delaware, that operates data centers. Data centers are facilities dedicated to housing computer equipment, electricity distribution, cooling systems, and networking hardware. The company historically generated most of its revenue from digital asset self-mining and hosted mining operations before pivoting toward high-density artificial intelligence colocation services. [12][13][14]

The pivot aligns Core Scientific with a broader industry trend toward artificial intelligence data infrastructure. Bitcoin Magazine reported that fellow miner Keel also sold its entire 2,520 bitcoin treasury in the third quarter for $192 million, opting to sell daily production as it shifts toward artificial intelligence data centers. [6]