Core Scientific (CORZ) to Exit Bitcoin Mining by Year-End as Colocation Hits $215 Million
By Micah Zimmerman
AI summary of the source article
Core Scientific will completely exit bitcoin mining by year-end to become a pure-play high-density colocation provider. In the third quarter, colocation revenue rose to $215.4 million, representing approximately 92% of total revenue.
Why it matters
Management stated the wind-down simplifies the business toward "more attractive long-term growth opportunities" and gives investors a clearer look at a true colocation run-rate with a "very clean P&L."
Key facts
- Core Scientific plans to complete its exit from bitcoin mining during the fourth quarter to become a pure-play colocation provider.
- Colocation revenue rose nearly 60% sequentially to $215.4 million in Q3, accounting for roughly 92% of total revenue.
- Digital assets on the balance sheet dropped to $2.7 million on September 30, down from $49.7 million three months earlier.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine Core Scientific (CORZ) to Exit Bitcoin Mining by Year-End as Colocation Hits $215 Million Core Scientific will finish winding down bitcoin mining in the fourth quarter and enter 2027 as a pure-play AI colocation landlord, with self-mining revenue already down to $12.3 million. This post Core Scientific (CORZ) to Exit Bitcoin Mining by Year-End as Colocation Hits $215 Million first…