Key facts: Plans 2026 Mining Exit; Q3 Revenue Up 187%; Sells 816 BTC

What happened

Core Scientific plans to end Bitcoin mining by December 31, 2026, and move fully to high-density colocation services in 2027. Third-quarter 2026 revenue rose 187% year over year to $232.9 million, mostly from colocation; the company sold 816 BTC to fund capital spending and other cash needs.

Confirmed

Global impact / market context

The shift would make Core Scientific’s revenue depend more on colocation services and less on Bitcoin mining. Selling Bitcoin to pay for capital spending and other cash needs also reduces its holdings, while building facilities for data-center customers may require continued spending before those services generate revenue.

Analyst inference

Colocation generated $215.4 million of third-quarter revenue, compared with approximately $17.5 million from mining, indicating that the business already relies chiefly on hosting services. Macquarie kept its Outperform rating but cut its price target from $38 to $25; the article reports no share-price reaction.

Analyst inference

What to watch

1. Whether Core Scientific follows through on ending mining by December 31, 2026, and completes its planned transition to high-density colocation services in 2027. Proposed
2. Future revenue from colocation compared with mining could show whether the hosting business can sustain growth as Bitcoin mining winds down. Analyst inference
3. Further Bitcoin sales or capital spending updates could clarify how the company funds its shift and whether its remaining cash needs change. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

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