Core Scientific plans to end its Bitcoin mining operations in December 2026 and become a dedicated high-density colocation provider focused on artificial intelligence and high-performance computing in 2027. In the third quarter, colocation revenue increased 58% quarter over quarter to $215.4 million, while total revenue reached $232.9 million. Adjusted EBITDA rose to $133.6 million, with the margin reaching 57%, up from 25% in the previous quarter. The company is billing for 485 megawatts of colocation capacity, representing more than $700 million in average annualized revenue under generally accepted accounting principles, while approximately 100 additional megawatts are being commissioned for CoreWeave. This shift reflects growing competition among Bitcoin miners, whose profitability is being squeezed by reward reductions and higher electricity costs.
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