Core Scientific to Exit Bitcoin Mining by Year-End, Pivoting to Pure-Play AI Data Center Operator

Core Scientific Inc. said Thursday it plans to fully abandon Bitcoin mining by the end of the year, repositioning itself as a pure-play high-density hosting provider focused on AI and high-performance computing.

Core Scientific Prepares for Rebranding

During the earnings call, Chief Financial Officer Jim Nygaard said Core Scientific continued to scale down its Bitcoin mining operations in the third quarter, with the number of miners operating as of the end of September down nearly half from the end of 2025.

"We expect to complete the wind-down in the fourth quarter and enter the market as a pure-play high-density hosting provider in 2027," the executive announced.

Self-mining and hosted mining of Bitcoin contributed $17.43 million in revenue in the third quarter, accounting for approximately 7.5% of the company's total revenue, down about 73.6% year-over-year.

On the other hand, the high-density hosting business brought in $215.43 million in revenue, more than fourteen times that of the same period last year.

Major Shift in the Bitcoin Mining Industry

Core Scientific, once one of the largest Bitcoin miners, has now actively redirected its power and real estate capacity toward AI and high-performance workloads.

Core Scientific is providing hundreds of megawatts of data center capacity to host high-performance computing infrastructure for CoreWeave Inc.

In addition to its partnership with CoreWeave, Core Scientific has signed a 530-megawatt, 15-year lease agreement involving Advanced Micro Devices Inc. and a new cloud counterparty, spanning five campuses. AMD is directly leasing 377 megawatts, while the new cloud company leases the remaining 152 megawatts.

According to Blockchain.com data, mining revenue has declined significantly since Bitcoin's last halving event in April 2024, as the block subsidy was cut in half from 6.25 BTC to 3.125 BTC.

Price action: As of press time, BTC is down 6.3% over the past 24 hours, trading at $75,662.81.

Core Scientific shares fell 10.82% to close at $11.38 during Thursday's regular trading session, then rose 1.67% in after-hours trading.

Edge Stock Rankings shows CORZ exhibiting weak price trends across short-term, medium-term, and long-term time frames.

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