He was a giant of an era: He quits Bitcoin mining

Core Scientific, one of the largest Bitcoin mining companies in the USA, is making a radical change in its field of activity. The company aims to completely terminate its Bitcoin mining activities in the last quarter of 2026.

Core Scientific Chief Financial Officer Jim Nygaard said at the meeting where the company's third quarter financial results were evaluated that they expect to complete the mining exit process before the end of the year. Nygaard stated that they plan to enter 2027 as a company that offers only high-density data center hosting services.

The number of working mining devices of the company decreased by approximately 50 percent as of the end of September compared to the end of 2025.

Core Scientific was one of the biggest players in Bitcoin mining, especially in the 2021-2023 period.

The number of mining devices operated by the company by the end of 2022 reached approximately 234 thousand. 153 thousand of these belonged to itself, and 81 thousand belonged to its customers to whom it provided infrastructure services. Total mining capacity was at 23.7 EH/s.

Core Scientific, which produced 13 thousand 762 Bitcoins with its own devices in 2023, became the company that produced the most Bitcoin among publicly traded companies in North America that year. In the same period, approximately 5,512 Bitcoins were produced from the devices of customers to whom the company provided hosting services.

Core Scientific filed for bankruptcy protection in December 2022, but exited the restructuring process in January 2024 and returned to Nasdaq.

The company's latest financial results also reveal the extent of the move away from Bitcoin mining.

In the third quarter of 2026, Core Scientific's revenue from its own mining activities decreased to $12.3 million, from $57.4 million in the same period last year.

When the income from the mining services it provides to its customers is included, the share of Bitcoin mining in total income dropped to 7.5 percent.

In comparison, revenue from data center hosting services reached $215.4 million. Thus, more than 92 percent of the company's $232.9 million quarterly revenue came from this area.

Core Scientific produced only 869 Bitcoins in the first nine months of 2026. The company's production in all of 2023 was at the level of 13 thousand 762 Bitcoins.

At the center of Core Scientific's new strategy is providing data center infrastructure for artificial intelligence and high-performance computing.

The company started its transformation in this field by making agreements with artificial intelligence cloud services provider CoreWeave in 2024.

In July 2026, a new strategic collaboration with chip manufacturer AMD was announced. Within the scope of the agreement, it is planned to provide approximately 530 megawatts of data center capacity in five facilities.

As of the end of September, the company had a total gross electrical capacity of 2.6 gigawatts in 11 data centers in seven states of the USA.