GoKawiilCore Scientific to fully exit Bitcoin mining by end of 2026
Core Scientific announced on its November 5 earnings call that it will wind down all Bitcoin mining operations by the end of 2026, entering 2027 as a pure-play AI and high-performance computing colocation provider. CEO Adam Sullivan confirmed the exit timeline, while CFO Jim Nygaard said the mining fleet had already shrunk to roughly half its early-2026 size by the end of September. Third-quarter results showed self-mining revenue fell 79% year-over-year to $12.3 million with a $7.5 million gross loss, while colocation revenue hit $215.4 million, about 92% of total revenue.
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The shift reflects how collapsing mining economics—driven by low Bitcoin hashprice and large asset writedowns—have made colocation for AI compute tenants far more profitable than running mining rigs. Core Scientific's move mirrors a broader industry pattern, as the piece notes other major miners like IREN reporting similar pivots on the same day, suggesting infrastructure built for crypto mining is being repurposed en masse for AI demand. This could signal a structural reallocation of power-dense data center capacity away from crypto and toward AI workloads industry-wide.
- Core Scientific will fully exit Bitcoin mining by end of 2026, becoming a pure-play AI colocation provider in 2027.
- Colocation revenue of $215.4 million now makes up about 92% of total revenue, dwarfing mining's 7.5% contribution.
- The company recorded a $266.5 million mining asset writedown and ended a chip supply deal at a $41.9 million loss, underscoring mining's collapsing economics.
Source: techreport.com — Krishi Chowdhary, 2026-11-09
Published there as: “Core Scientific Exits Bitcoin Mining by End of 2026 as Miners Pivot to AI”
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