This shift to AI hosting shows miners adapting, but it's a mixed bag for profits.
Bitcoin miners report $1.9 billion profit, driven by AI data hosting
Core Scientific and TeraWulf have reported a combined profit of nearly $1.9 billion for the third quarter of 2026. This impressive figure stems largely from their transition away from Bitcoin mining towards data-center hosting for artificial intelligence customers. Core disclosed approximately $72 million in operating income, while TeraWulf reported an operating loss of $88 million. A big portion of these profits, around $1.76 billion, came from non-cash gains related to the revaluation of financial instruments.
Core's results were boosted by a $19 million gain from digital assets, while TeraWulf enjoyed a $728 million gain from revaluing Google warrants. The shift to hosting has become vital for both companies, with most of their revenue now originating from computing leases rather than Bitcoin mining. This change reflects a broader trend in the industry as miners seek new avenues for profitability.
The implications of these results show the evolving space for Bitcoin miners. While traditional mining profits have fluctuated, diversifying into AI and data hosting can offer a more stable revenue stream. However, the reliance on non-cash gains raises questions about long-term sustainability and cash flow for these companies, making it essential for traders to monitor their financial health closely.
$BTC
#Mining #CryptoNews
Bitcoin miners report $1.9 billion profit, driven by AI data hosting
Core Scientific and TeraWulf have reported a combined profit of nearly $1.9 billion for the third quarter of 2026. This impressive figure stems largely from their transition away from Bitcoin mining towards data-center hosting for artificial intelligence customers. Core disclosed approximately $72 million in operating income, while TeraWulf reported an operating loss of $88 million. A big portion of these profits, around $1.76 billion, came from non-cash gains related to the revaluation of financial instruments.
Core's results were boosted by a $19 million gain from digital assets, while TeraWulf enjoyed a $728 million gain from revaluing Google warrants. The shift to hosting has become vital for both companies, with most of their revenue now originating from computing leases rather than Bitcoin mining. This change reflects a broader trend in the industry as miners seek new avenues for profitability.
The implications of these results show the evolving space for Bitcoin miners. While traditional mining profits have fluctuated, diversifying into AI and data hosting can offer a more stable revenue stream. However, the reliance on non-cash gains raises questions about long-term sustainability and cash flow for these companies, making it essential for traders to monitor their financial health closely.
$BTC
#Mining #CryptoNews
