Core Scientific CEO Adam Sullivan said on Nov. 5, 2026, that the company plans to stop mining bitcoin by the end of 2026 and focus on hosting clients’ AI computing equipment. The shutdown is not complete: the company plans to sell or decommission its existing mining devices and will not buy new ones.
Third-quarter colocation revenue rose nearly 60% from the previous quarter to $215 million, while adjusted EBITDA exceeded $130 million. The company said its fully executed contracts with CoreWeave and AMD cover 1.1 GW and are expected to generate about $1.8 billion in average annual revenue once fully ramped.
