CONNECT WITH US
Web3 & Blockchain

Web3 & Blockchain

Core Scientific (CORZ) to Exit Bitcoin Mining by Year-End as Colocation Hits $215 Million

Bitcoin Magazine logo

Published on

Add as a preferred source on Google
Core Scientific (CORZ) to Exit Bitcoin Mining by Year-End as Colocation Hits $215 Million

Bitcoin Magazine

Core Scientific (CORZ) to Exit Bitcoin Mining by Year-End as Colocation Hits $215 Million

Core Scientific will complete its exit from bitcoin mining by year-end and enter 2027 as a pure-play high-density colocation provider, management said on Thursday’s third-quarter earnings call, capping a pivot that has already cut the company’s mining fleet nearly in half.

Chief Financial Officer Jim Nygaard told investors the company expects to “complete the wind-down during the fourth quarter.” Chief Executive Officer Adam Sullivan put the same end date more bluntly: “We expect to complete our exit from Bitcoin mining by year end.” The comments landed alongside a results release filed with the SEC that shows how far the shift has already gone.

Colocation revenue climbed nearly 60% sequentially to $215.4 million in the quarter ended Sept. 30, the earnings exhibit shows. Digital asset self-mining revenue fell to $12.3 million, down about 79% from $57.4 million a year earlier. Hosted mining for third parties added just $5.2 million. Of $232.9 million in total revenue, colocation now accounts for roughly 92%.

Self-mining posted a $7.5 million gross loss in the quarter. Colocation gross profit was $128.4 million, a 60% margin. Adjusted EBITDA more than tripled sequentially to $133.6 million, with the margin expanding to 57% from 25%.

Nygaard said Core Scientific had nearly 50% fewer miners online at the end of September than at year-end 2025.



Source link
Related Topics:Web3 & Blockchain

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.