Bitcoin: a historic mining player abandons for AI

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https://cryptoast.fr/bitcoin-acteur-histoire-minage-abandon-pour-ia/

During its third-quarter earnings call, publicly traded Bitcoin miner Core Scientific announced its plans to abandon its mining business altogether in order to focus on artificial intelligence and high-performance computing (HPC).

A strategy intended to simplify the company's activity, according to its CEO Adam Sullivan, in order to be able to “concentrate [its] resources on more attractive long-term growth opportunities”. All accompanied by a full and definitive release date set for the end of this year.

Nothing really surprising, however, since this shift towards artificial intelligence had already been announced last July, as the financial director of Core Scientific, Jim Nygaard, did not fail to point out.

We continued to scale back our operations during the quarter: nearly 50% fewer miners were online at the end of September compared to the end of 2025. We plan to complete this decommissioning in the fourth quarter and enter 2027 as a high-density colocation provider exclusively.

According to elements reported during its last earnings call, the company's turnover associated with its proprietary mining activity represented only $12.3 million during this third quarter, compared to $57.4 million the previous year.

An amount to which must also be added revenues linked to the hosting of other miners, which also fell to reach $5.2 million, compared to $8.7 million in the third quarter of 2025. Operations which now represent only 7.5% of the $232.9 million in turnover posted by Core Scientific over this period.

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And for good reason, most of the revenue generated by Core Scientific already concerns the colocation of its energy infrastructures to players in artificial intelligence, in particular the company CoreWeave with which it has signed an agreement for around 500 MW of HPC capacity intended for AI.

As a result, Core Scientific reports colocation revenues increasing “nearly 60% sequentially to $215.4 million in the third quarter of 2026, driven by continued delivery of billing megawatts.”

GAAP colocation revenue grew nearly 60% quarter-over-quarter to $215 million, while adjusted EBITDA more than tripled to $134 million from $41 million in the second quarter. This also resulted in a clear improvement in the adjusted EBITDA margin, to 57% compared to 25% the previous quarter.

Machine-translated from French