Core Scientific will stop mining bitcoin by the end of 2026

Core Scientific, once among the largest public bitcoin miners in the US, will finish its exit from mining by the end of 2026. “We expect to complete the wind-down during the fourth quarter,” CFO Jim Nygaard said on the third-quarter earnings call on Thursday, Cointelegraph reported. From 2027 the company plans to work as a pure colocation provider that rents data center space and power to AI customers.

The date has moved twice. The Wall Street Journal reported in December 2025 that Core Scientific aimed to wind down mining by 2028. In July 2026 the company said it would stop hosting other firms’ miners by 31 December.

Mining is 7.5% of revenue

Third-quarter revenue reached $232.9 million, up from $81.1 million a year earlier, according to the company’s quarterly report. The split:

• colocation: $215.4 million, against $15 million a year earlier;
• mining bitcoin for its own account: $12.3 million, against $57.4 million;
• hosting other companies’ miners: $5.2 million, against $8.7 million.

Core Scientific bitcoin mining brought in $17.5 million, or 7.5% of the total. The company mined 66% fewer bitcoin than a year earlier and had about half as many machines online at the end of September as at the end of 2025.

Writing off the mining fleet

In the first quarter Core Scientific wrote down $266.5 million of mining assets, citing weaker bitcoin prices, a historically low hashprice and falling prices for used equipment. In the second quarter it ended an equipment deal with Block and Proto and booked a $41.9 million loss. By 30 September its mining equipment carried a book value of zero, down from $393.6 million at the end of 2025.

The company sold its bitcoin as well. It held 2,537 BTC at the end of 2025 and 32 BTC at the end of September.

The new tenants: CoreWeave and AMD

CoreWeave has contracted about 590 MW, and about 485 MW was billing as of 5 November, according to the earnings presentation. In July Core Scientific signed 15-year leases for about 530 MW across five sites in its AMD deal, worth more than $14 billion in base revenue. Deliveries start in early 2027 and finish by the end of 2028. In total the company reports more than $24 billion of contracted revenue.

The quarter ended with $1.18 billion of net income, and most of it came from accounting: a $1.03 billion non-cash gain as the fair value of its warrants and contingent value rights fell. Operating income was $72.4 million. The company carries $4.39 billion of debt.

Other miners and the data center backlash

Hut 8, TeraWulf and IREN have also signed AI leases, and miner stocks outran bitcoin this year. AI landlords face political risk, though: opponents of new data centers did well in the US midterms, Reuters reported, and the same fears hit chip stocks in this week’s market rout. Bitcoin traded at $75,883 on Friday, down 4.9% in 24 hours, by CoinGecko data.

What it means for you

If you hold Core Scientific shares, you now own a landlord for AI data centers with CoreWeave and AMD as anchor tenants, and the bitcoin price no longer drives its revenue. If you mine bitcoin yourself, one large rival is unplugging its machines: if total hashrate falls, the remaining miners split the block rewards among fewer machines.

Based on Cointelegraph’s report of 6 November 2026 and Core Scientific’s 10-Q and earnings presentation for the third quarter of 2026. Bitcoin price from CoinGecko on 6 November. This is not investment advice.