Core Scientific targets Bitcoin mining exit as AI revenue grows
Key points
- Core Scientific expects to end Bitcoin mining by December 2026, entering 2027 focused on AI data centres.
- Colocation revenue rose nearly 60% sequentially to $215.4 million, accounting for 92.5% of third-quarter revenue.
- Mining contributed just $17.5 million, while adjusted EBITDA climbed to $133.6 million.
Core Scientific, Inc. (NASDAQ:CORZ) expects to exit Bitcoin mining by year-end, shifting towards AI infrastructure.
Bitcoin mining generated just $17.5 million, or 7.5% of third-quarter revenue, against $215.4 million from colocation services.
“We expect to complete the wind-down during the fourth quarter and enter 2027 as a pure-play, high-density colocation provider,” Chief Financial Officer Jim Nygaard said in a statement.
Colocation revenue climbed nearly 60% sequentially, while the company billed 485 megawatts by 30 September.
Average annualised colocation revenue exceeded $700 million, while adjusted EBITDA more than tripled to $133.6 million.
Self-mining revenue fell to $12.3 million from $57.4 million a year earlier, while hosted mining revenue dropped to $5.2 million.
Core Scientific operates 11 data centres across seven US states, with mining operations continuing at two facilities.
Following the announcement, Core Scientific shares were down 10.82% to $11.38.
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