Core Scientific plans to exit Bitcoin mining by Q4 2026 in colocation pivot
Core Scientific announced during its third-quarter earnings call that it is accelerating the phase-out of proprietary Bitcoin mining, aiming to complete the shutdown in the fourth quarter of 2026 and operate purely as a high-performance computing colocation provider by 2027.
Core Scientific announced during its third-quarter earnings call that it is accelerating the wind-down of its proprietary Bitcoin mining operations, targeting a complete shutdown in the fourth quarter of 2026. The firm, previously recognized as the world's largest Bitcoin miner, plans to enter 2027 as a pure-play, high-density colocation and high-performance computing provider as it shifts toward AI colocation.[1][2][3]
Chief Financial Officer Jim Nygaard reported that the number of active miners online fell by nearly 50% between the end of 2025 and the close of September. Meanwhile, the company's third-quarter colocation revenue climbed to $215 million, reflecting a quarter-over-quarter increase of nearly 60%, with its EBITDA margin expanding to 57%.[1]
Core Scientific closed the third quarter with approximately $1.7 billion in total liquidity, according to Nygaard. That liquidity balance included roughly $800 million in cash, $840 million in restricted cash and debt service reserves, and $100 million in revolver availability, alongside third-quarter cash SG&A of approximately $28 million.[1]
Key facts
- Core Scientific announced plans during its Q3 earnings call to fully shut down proprietary Bitcoin mining operations by Q4 2026.
- The company expects to enter 2027 as a pure-play, high-density colocation and high-performance computing provider.
- CFO Jim Nygaard said active miners online fell nearly 50% from year-end 2025 by the end of September.
- Core Scientific posted Q3 colocation revenue of $215 million, up nearly 60% quarter-over-quarter, with a 57% EBITDA margin.
- The company ended Q3 with roughly $1.7 billion in liquidity, including $800 million in cash, $840 million in restricted cash and debt service reserves, and $100 million in revolver availability.
- Third-quarter cash SG&A expenses were approximately $28 million.
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Wu Blockchain@WuBlockchainPost on X 路
Core Scientific, Once the Largest Bitcoin Miner, Plans to Fully Shut Down Bitcoin Mining by Q4 2026 Core Scientific, once the world's largest Bitcoin mining company, announced during its Q3 earnings call that it is accelerating the phase-out of its proprietary Bitcoin mining operations. The number of active miners on its network has dropped by nearly 50% compared to the end of 2025, with plans to completely shut down its mining business in Q4 2026 and operate purely as a high-performance computing (HPC) colocation provider starting in 2027. In Q3, the company's colocation revenue reached $215 million (up nearly 60% quarter-over-quarter), and its EBITDA margin expanded to 57%.
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Core Scientific plans to exit Bitcoin mining by the end of 2026 Core Scientific's shift from Bitcoin mining to AI colocation highlights a strategic pivot towards stable revenue streams amid volatile crypto markets. The post Core Scientific plans to exit Bitcoin mining by the end of 2026 appeared first on Crypto Briefing .
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INTEL: Core Scientific $CORZ plans to fully shut down its Bitcoin mining by Q4 2026
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