Core Scientific will completely exit BTC mining by year-end and transition to a pure-play high-density data center operator in 2027. Third-quarter mining revenue was $17.5 million, just 7.5% of total revenue; hosting revenue was $215.4 million, with 485 MW billed, implying annualized hosting revenue of more than $700 million (company announcement, Cointelegraph, November 5).

The cost of the transition is already showing up in the financial statements: mining asset impairment of $266.5 million in the first quarter, followed by another $41.9 million loss in the second quarter from terminating equipment agreements with Block and Proto. The company is redirecting its power and data center capacity toward AI as BTC prices, hashprice, and equipment residual values continue to weigh on mining returns.

In my view, this is a change in mining companies’ capital allocation, not a direct sign of a sharp drop in the network’s total hashrate. Binance snapshot at 13:00 on Nov. 6: BTC at $75,806.01 (-5.836%), with a 24-hour range of $75,208.42–$80,794.01. If the 4-hour candle closes above $76,400 and price retests $75,800 without breaking below, consider a long, targeting $77,000 and $78,000, with a stop-loss at $75,200. If price breaks below $75,208 and fails to reclaim it on a rebound, watch $74,000 and $72,500, with a stop-loss at $76,500.

If AI data centers face electricity-price or political headwinds, the benefits of the transition will be diminished; if hashprice recovers, the pace of miner exits may slow. Will mining companies’ transition change your view of BTC supply?

$BTC

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The above does not constitute investment advice