Core Scientific, once a leading Bitcoin miner, why does it have only 32 BTC left?
The answer is in its third-quarter report and 10-Q, released on November 5: cash and electricity are being redirected to AI data centers.
Figures from the 10-Q: In the first nine months of this year, it mined about 869 Bitcoin and sold 3,374, raising about $287 million. The stated use of the proceeds was “planned capital expenditures and other cash needs.” It had just 32 BTC left on September 30, down from 2,537 at the end of last year.
The revenue mix is even clearer: Third-quarter revenue totaled about $233 million, of which about $215 million came from hosting high-density computing customers, while self-mining brought in only about $12.26 million.
The exit timeline: The 10-Q says the hosted mining business is expected to end by December 31, while self-mining is being wound down. On the earnings call, the company’s finance chief said it expects to complete the mining wind-down in the fourth quarter and focus solely on hosting starting in 2027.
Two notes of caution:
1. A company selling coins is a matter of its own cash management; it is not evidence that “miners are dumping en masse.”
2. Mining companies pivoting to AI hosting is nothing new. What’s striking is how complete this pivot is—even the coins on its balance sheet have been almost entirely cleared out.
$BTC
The answer is in its third-quarter report and 10-Q, released on November 5: cash and electricity are being redirected to AI data centers.
Figures from the 10-Q: In the first nine months of this year, it mined about 869 Bitcoin and sold 3,374, raising about $287 million. The stated use of the proceeds was “planned capital expenditures and other cash needs.” It had just 32 BTC left on September 30, down from 2,537 at the end of last year.
The revenue mix is even clearer: Third-quarter revenue totaled about $233 million, of which about $215 million came from hosting high-density computing customers, while self-mining brought in only about $12.26 million.
The exit timeline: The 10-Q says the hosted mining business is expected to end by December 31, while self-mining is being wound down. On the earnings call, the company’s finance chief said it expects to complete the mining wind-down in the fourth quarter and focus solely on hosting starting in 2027.
Two notes of caution:
1. A company selling coins is a matter of its own cash management; it is not evidence that “miners are dumping en masse.”
2. Mining companies pivoting to AI hosting is nothing new. What’s striking is how complete this pivot is—even the coins on its balance sheet have been almost entirely cleared out.
$BTC
