Core Scientific plans to wind down Bitcoin mining by end of 2026

Core Scientific expects to complete the wind-down of its Bitcoin-mining operations during the fourth quarter of 2026 and begin 2027 as a pure-play high-density colocation provider.

The company is reallocating power capacity from digital-asset mining to contracted colocation services for artificial intelligence and high-performance computing workloads. It describes high-density colocation as its primary business.

The planned exit comes as colocation supplied nearly all of Core Scientific’s reported third-quarter revenue. Mining, including self-mining and hosted-mining operations, represented a comparatively small share of the quarterly total.

Colocation accounted for most third-quarter revenue

Core Scientific reported $232.9 million in total revenue for the third quarter of 2026. Colocation revenue was $215.4 million during the period.

Digital-asset self-mining revenue was $12.3 million, while hosted-mining revenue was $5.2 million. Together, those mining-related activities generated $17.4 million, or about 7.5% of quarterly revenue.

The revenue mix illustrates the scale of the company’s stated transition. While mining remains part of its reported operations during the wind-down, colocation is already the substantially larger business line.

• Total Q3 2026 revenue: $232.9 million
• Q3 2026 colocation revenue: $215.4 million
• Q3 2026 self-mining revenue: $12.3 million
• Q3 2026 hosted-mining revenue: $5.2 million

Capacity is being redirected from mining

Core Scientific said it is reallocating capacity from digital-asset mining to long-term contracted colocation services. The company’s target is to operate as a pure-play provider of high-density colocation beginning in 2027.

The shift places Core Scientific among infrastructure operators seeking to deploy power and data-center capacity toward AI and HPC customers rather than Bitcoin mining. A related development can be seen in Cipher Digital’s first HPC lease revenue, which reflects the broader move by some mining-linked operators into high-performance computing infrastructure.

The company’s expected timing remains forward-looking. Its stated plan is to complete the mining wind-down during the final quarter of 2026.

What the transition means for the company

Core Scientific’s reported figures show that its business is increasingly tied to colocation revenue rather than mining revenue. The planned wind-down would formalize that change by ending its Bitcoin-mining operations and concentrating the company on high-density data-center services.

The move does not establish a broader outcome for Bitcoin mining operators. It is a company-specific strategy based on Core Scientific’s decision to redirect its available capacity toward colocation.

Continue reading: Cipher Digital’s first HPC lease revenue on BTCNews.

Continue reading: Texas data-center policy risk on BTCNews.

Sources

• Core Scientific: Core Scientific Q3 2026 Form 10-Q
• Core Scientific: Core Scientific Announces Third Quarter 2026 Results
• Core Scientific: Core Scientific Fiscal Third Quarter 2026 Earnings Conference Call
• Cointelegraph: Core Scientific to quit Bitcoin mining by year-end as AI business surges

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