🤖 THE AI TAKEOVER: WHY BITCOIN MINERS ARE LEAVING CRYPTO
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The Bitcoin mining industry is entering a new phase. As artificial intelligence drives demand for computing power, some of the largest mining companies are reconsidering the economics of their existing infrastructure.
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The latest example is Core Scientific. The company plans to exit Bitcoin mining by the end of 2026 and enter 2027 as a dedicated high-density colocation provider for AI and high-performance computing workloads.
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Its latest financial results show why this transition is gaining momentum: in the third quarter, colocation revenue exceeded mining revenue by more than 12 times.
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The shift raises a bigger question for the industry: could AI infrastructure become more profitable than Bitcoin mining for companies that already control large amounts of power and data center capacity?
CORE SCIENTIFIC'S NUMBERS TELL THE STORY
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Core Scientific's third-quarter results, published on November 5, reveal how dramatically its business model has changed.
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The company reported $232.9 million in total revenue, including:
$215.4 million from colocation services, up nearly 60% from the previous quarter.
$12.3 million from self-mining Bitcoin.
$5.2 million from hosted mining services.
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Colocation now accounts for more than 92% of quarterly revenue. The company had 485 MW of customer capacity generating billable revenue as of September 30.
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Core Scientific also reported $133.6 million in adjusted EBITDA, compared with $41.1 million in the previous quarter.
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The figures illustrate the growing importance of AI and high-performance computing infrastructure to its financial performance.
⠀
The company expects to complete the wind-down of its hosted mining operations by December 31, 2026, while continuing to reduce its own mining operations
#bitcoin
#BinanceHerYerde
#Web3 #Worldcoins
⠀
The Bitcoin mining industry is entering a new phase. As artificial intelligence drives demand for computing power, some of the largest mining companies are reconsidering the economics of their existing infrastructure.
⠀
The latest example is Core Scientific. The company plans to exit Bitcoin mining by the end of 2026 and enter 2027 as a dedicated high-density colocation provider for AI and high-performance computing workloads.
⠀
Its latest financial results show why this transition is gaining momentum: in the third quarter, colocation revenue exceeded mining revenue by more than 12 times.
⠀
The shift raises a bigger question for the industry: could AI infrastructure become more profitable than Bitcoin mining for companies that already control large amounts of power and data center capacity?
CORE SCIENTIFIC'S NUMBERS TELL THE STORY
⠀
Core Scientific's third-quarter results, published on November 5, reveal how dramatically its business model has changed.
⠀
The company reported $232.9 million in total revenue, including:
$215.4 million from colocation services, up nearly 60% from the previous quarter.
$12.3 million from self-mining Bitcoin.
$5.2 million from hosted mining services.
⠀
Colocation now accounts for more than 92% of quarterly revenue. The company had 485 MW of customer capacity generating billable revenue as of September 30.
⠀
Core Scientific also reported $133.6 million in adjusted EBITDA, compared with $41.1 million in the previous quarter.
⠀
The figures illustrate the growing importance of AI and high-performance computing infrastructure to its financial performance.
⠀
The company expects to complete the wind-down of its hosted mining operations by December 31, 2026, while continuing to reduce its own mining operations
#bitcoin
#BinanceHerYerde
#Web3 #Worldcoins
