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

Core Scientific Chief Financial Officer Jim Nygaard said on the company’s third-quarter earnings call Thursday that the bitcoin miner plans to stop mining by December 2026 and enter 2027 as a dedicated high-density colocation provider for artificial-intelligence and high-performance-computing customers. The shift has already nearly halved its mining fleet. Third-quarter colocation revenue rose 58% quarter over quarter to $215.4 million, while total revenue reached $232.9 million and adjusted EBITDA was $133.6 million. Core Scientific reported $1.18 billion in net income, a figure that included a substantial non-cash gain from changes in warrant fair value. By the end of September, it was billing for 485 megawatts of colocation capacity, with about 100 megawatts under its CoreWeave buildout in commissioning.