Core Scientific to end Bitcoin mining by late 2026
The former industry leader will pivot to high-performance computing colocation after its active miner count fell by half since 2025.
Key takeaways
- 1Core Scientific will shut down all proprietary Bitcoin mining by the fourth quarter of 2026.
- 2Colocation revenue reached $215m in the third quarter, a 60 percent increase from the previous quarter.
Core Scientific announced during its third-quarter earnings call on 5 November that it plans to shut down its proprietary Bitcoin mining operations by the final quarter of 2026. The company, which was once the largest miner globally, intends to operate exclusively as a high-performance computing (HPC) colocation provider from 2027.
Wu Blockchain reported that the company is accelerating the phase-out of its proprietary Bitcoin mining operations, with the number of active miners on its network already decreased by nearly 50 percent compared to the end of 2025. In the third quarter of 2026, Core Scientific recorded $215m in colocation revenue, representing a quarterly increase of nearly 60 percent. Its EBITDA margin for the period expanded to 57 percent as it shifted resources away from mining.
Core Scientific emerged as a dominant force in the mining sector before undergoing a restructuring process in recent years. Bitcoin traded at $75,833 at the time of the announcement, a 5.5 percent fall over 24 hours, according to YourKhabri data. The shift follows a broader trend of mining firms seeking more stable revenue streams through data centre services rather than relying on block rewards.
The move suggests that even the largest industrial miners are finding traditional mining less attractive than the margins offered by the computing needs of external firms. Traders will watch whether other listed miners follow this path of total exit from the sector. The transition marks a change for one of the most recognisable names in the mining industry.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.