One of the largest Bitcoin miners listed on a U.S. exchange has officially said goodbye to mining—and it turns out it’s not just one company.
The facts: Core Scientific (CORZ) confirmed on its Nov. 5 earnings call that it would complete its exit from Bitcoin mining by the end of 2026, entering 2027 solely as an AI/HPC colocation provider. Its Q3 figures explain why: colocation brought in $215.4 million—92.5% of total revenue of $232.9 million—while self-mining was down to just $12.3 million and posted a gross loss. Its mining fleet has been cut by nearly half since the end of 2025, and its remaining BTC holdings are down to 32 BTC, from 2,537 BTC at the end of 2025. IREN is taking the same path, targeting completion of its transition by Dec. 31, 2026. Behind this shift are long-term contracts with CoreWeave and AMD that support the transition.
My take: This isn’t about one company failing—it’s about one megawatt being more valuable powering AI GPUs than ASICs. As major miners sell their rigs and BTC reserves to fund data centers, selling pressure from miners eases, but the network also loses some of its old capacity. BTC itself is still flat at around $75,750 this morning, so the market hasn’t celebrated or punished the news yet.
What I’m watching: whether other major miners follow suit before Dec. 31, and whether the network’s hashrate starts to measurably decline once these two giants stop mining.
What do you think—is this miner exodus into AI good news for BTC in the long run, or a sign that mining is becoming less attractive?
This is my analysis, not financial advice—always DYOR.
#BitcoinMining #AI $BTC
The facts: Core Scientific (CORZ) confirmed on its Nov. 5 earnings call that it would complete its exit from Bitcoin mining by the end of 2026, entering 2027 solely as an AI/HPC colocation provider. Its Q3 figures explain why: colocation brought in $215.4 million—92.5% of total revenue of $232.9 million—while self-mining was down to just $12.3 million and posted a gross loss. Its mining fleet has been cut by nearly half since the end of 2025, and its remaining BTC holdings are down to 32 BTC, from 2,537 BTC at the end of 2025. IREN is taking the same path, targeting completion of its transition by Dec. 31, 2026. Behind this shift are long-term contracts with CoreWeave and AMD that support the transition.
My take: This isn’t about one company failing—it’s about one megawatt being more valuable powering AI GPUs than ASICs. As major miners sell their rigs and BTC reserves to fund data centers, selling pressure from miners eases, but the network also loses some of its old capacity. BTC itself is still flat at around $75,750 this morning, so the market hasn’t celebrated or punished the news yet.
What I’m watching: whether other major miners follow suit before Dec. 31, and whether the network’s hashrate starts to measurably decline once these two giants stop mining.
What do you think—is this miner exodus into AI good news for BTC in the long run, or a sign that mining is becoming less attractive?
This is my analysis, not financial advice—always DYOR.
#BitcoinMining #AI $BTC