Core Scientific Is Quitting Bitcoin Mining as It Now Makes About 92% of Its Revenue Renting to AI Customers
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BizTocCore Scientific Is Quitting Bitcoin Mining as It Now Makes About 92% of Its Revenue Renting to AI Customers
Core Scientific has put a year-end date on abandoning the business that made its name, and its stock keeps sliding anyway. Behind the pivot sit one dominant tenant, a mountain of debt, and two milestones that could decide everything.
Core Scientific says it will leave Bitcoin mining before the end of 2026, after the placement for data center customers contributed about 92% of its quarterly revenue. The shift to AI offers more predictable contracts and revenues, but also leaves the company exposed to a main tenant, future deliveries and a long-term debt of approximately $4.3 billion.
Two of Bitcoin's Biggest Miners Are Quitting Mining for Good. AI Pays Better
Two of the biggest names in bitcoin mining just told investors they are done mining bitcoin. IREN and Core Scientific both said this week that they expect to wind down their mining operations by December 31, and from January they will be AI data center companies instead. This is not a side project or a slow pivot. Mining now brings in less than a tenth of the money at either company, while renting out power and floor space to AI customers bring…
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