Once the largest public bitcoin miner, Core Scientific posted its third quarter 2026 results and reaffirmed on the earnings call that it will fully exit bitcoin mining by the end of the year to become a pure-play high-density colocation provider for AI workloads.

Colocation revenue rose nearly 60% quarter over quarter to $215.4M, while self-mining revenue fell to $12.3M from $57.4M a year earlier.

The company now bills for 485 MW of capacity, worth over $700M in annualized colocation revenue, and is building out a second colocation agreement across five campuses. Its digital asset holdings dropped to $2.7M at the end of September from $222M at the end of 2025.

The move removes one more large operator from the bitcoin hashrate base, as miners shift power capacity toward AI data centers.