Core Scientific to exit Bitcoin mining before the end of the year

Core Scientific said on its November 5 third-quarter earnings call that it will complete its exit from bitcoin mining by the end of the year, with CFO Jim Nygaard stating the company will operate purely as a data center equipment leasing business, focused on high-density hosting, by 2027. Equipment leasing revenue rose nearly 60% quarter-over-quarter to $215.4 million, about 92% of total revenue of $232.9 million, while self-mining bitcoin revenue fell roughly 79% to $12.3 million from $57.4 million a year earlier and posted a $7.5 million gross loss. The shift marks the conversion of one of the largest US bitcoin miners into a pure-play AI and high-density hosting provider.