Core Scientific to quit Bitcoin mining by year-end as AI business surges
The former Bitcoin mining heavyweight plans to become a pure-play data center provider in 2027, with mining now accounting for just 7.5% of quarterly revenue.
The former Bitcoin mining heavyweight plans to become a pure-play data center provider in 2027, with mining now accounting for just 7.5% of quarterly revenue.
Core Scientific said it expects to exit Bitcoin mining by the end of 2026 as it shifts its business toward artificial intelligence and high-performance computing infrastructure.
“We expect to complete the wind-down during the fourth quarter and enter 2027 as a pure-play, high-density colocation provider,” said Core Scientific chief financial officer Jim Nygaard during a Q3 earnings call on Thursday.
Core Scientific’s move into AI hosting took shape in 2024 after signing an initial hosting agreement with CoreWeave in March that year, followed by a much larger deal announced in June.