Core Scientific plans to complete the wind-down of its Bitcoin mining activities in the fourth quarter of 2026 and enter 2027 as a pure-play, high-density colocation provider. In the third quarter, mining revenue fell to $17.5 million, or 7.5% of total revenue of $232.9 million, compared with $215.4 million generated by colocation services. The company had previously announced that hosted mining would end on December 31, as it continued to wind down its self-mining operations. Its pivot toward artificial intelligence accelerated after signing an agreement with CoreWeave in 2024, while falling Bitcoin prices, a historically low hashprice and declining equipment values resulted in $266.5 million in mining-related asset impairments in the first quarter of 2026. The mining exit comes amid political uncertainty surrounding the expansion of data centers, particularly because of their electricity consumption and pressure on local resources.
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