Core Scientific’s years-long decision to diversify beyond Bitcoin mining continued to pay off in the second quarter, with the company reporting revenue of $164.2 million, more than double the $78.6 million recorded a year earlier, as artificial intelligence (AI) colocation became its dominant business.
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The former Bitcoin mining giant generated $136.7 million from colocation services during the quarter, compared with just $10.6 million a year earlier, while self-mining revenue continued to decline as it redirected power capacity toward hosting AI and high-performance computing (HPC) customers. The shift reflects a broader trend among Bitcoin miners seeking more predictable, long-term revenue following the 2024 Bitcoin halving, which reduced mining rewards by 50%.
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Core Scientific reported a net loss of $1.15 billion, largely driven by a non-cash accounting adjustment tied to the rising value of outstanding warrants as its share price increased, rather than deterioration in its underlying operations.
Gross profit climbed to $70 million from $5 million a year earlier.
The company’s transformation accelerated alongside a new partnership with AMD giving the chipmaker access to more than 500 megawatts of AI-ready data center capacity beginning in 2027, with the potential to expand to 2.5 gigawatts. The agreement builds on Core Scientific’s strategy of monetizing power infrastructure through long-term AI hosting contracts instead of relying primarily on Bitcoin mining income.
Once among the world’s largest publicly traded Bitcoin miners, Core Scientific now derives the majority of its revenue from AI infrastructure while maintaining a Bitcoin treasury of fewer than 1,000 BTC. The transition has positioned the company to benefit from surging demand for AI data centers while reducing its exposure to Bitcoin price swings and post-halving mining economics.
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