Core Scientific to Exit Bitcoin Mining and Shift To High‑Density AI Colocation

Overview

• Core Scientific disclosed Thursday, Nov. 5, 2026 that it will end self-mining by Dec. 31, 2026 and operate solely as a high-density colocation provider beginning in 2027.
• The company reported $232.9 million in Q3 2026 revenue with colocation at $215.4 million and self-mining at $12.3 million, showing the business has already pivoted away from mining.
• Core Scientific controls about 2.1 GW of gross utility power, has roughly 1.1 GW contracted to customers and is billing 485 MW of capacity that management says supports more than $700 million in annualized revenue.
• The shift has improved profitability for colocation, which ran at a 57% adjusted EBITDA margin in the quarter, while mining posted a gross loss and the mining fleet has been cut nearly 50% since year-end 2025.
• Near-term risks include a $41.9 million loss booked for terminating a chip supply deal, heavy reliance on large customers such as CoreWeave and AMD, and the challenge of converting contracted gigawatts into built and billed capacity.