Core Scientific to Exit Bitcoin Mining by 2027 as AI Data Center Business Takes Over

Brief

By Dextape Desk · November 6, 2026

Core Scientific plans to stop bitcoin mining by December 2026 and shift in 2027 to offering high-density colocation space for AI and high-performance computing, CFO Jim Nygaard said on the third-quarter earnings call. The mining fleet has already shrunk by nearly half as power and data-center space move to infrastructure customers. Colocation revenue jumped 58 percent from the prior quarter to $215.4 million. Net income of $1.18 billion included a large non-cash warrant valuation gain. By late September, customers were paying for 485 megawatts of colocation space, a rise of 90 MW in the quarter. Roughly 100 MW linked to the CoreWeave project is still being commissioned, and CEO Adam Sullivan said revenue recognition should start within the coming months.

Why it matters: The move shows miners redirecting power and facilities toward AI hosting as mining rewards keep shrinking and competition intensifies.

Mentioned: Bitcoin

Summary by Dextape, based on reporting by CryptoPotato. Machine-written from CryptoPotato’s report and checked against it · How Dextape writes