Core Scientific announced its complete exit from Bitcoin mining by the end of 2026 after the activity accounted for only 7.5% of its revenue in the third quarter. The company generated total revenue of $232.9 million in Q3 2026, up from $164.2 million in the previous quarter, driven by high-density colocation services supporting artificial intelligence and high-performance computing workloads. Colocation revenue rose nearly 60% quarter over quarter to $215.4 million, while billable capacity reached 485 megawatts, representing more than $700 million in average annualized revenue. Core Scientific reported net income of $1.178 billion and adjusted EBITDA of $133.6 million, even as mining and miner-hosting revenues declined. The company will enter 2027 as a high-density colocation provider after beginning its transition toward artificial intelligence in 2024 through hosting agreements with CoreWeave.
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