Core Scientific Is Quietly Walking Away From Bitcoin Mining
Nov 8, 2026
Core Scientific wrote off $41.9M tied to Bitcoin mining hardware it no longer wants, as its business shifts hard toward AI hosting.
From Mining Rigs to AI Racks
Core Scientific, once one of the biggest names in Bitcoin mining, is stepping back from the business that built it. The company recently wrote off $41.9 million tied to a chip-supply deal for next-generation mining hardware it no longer plans to use.
No New Machines, No New Hashrate
Instead of buying more miners, Core Scientific says it will run its existing fleet for as long as it makes sense, selling or shutting down rigs over time rather than expanding. Self-mining revenue has already dropped sharply this year.
The Real Growth Story Is AI
The reason isn't hard to find: AI hosting revenue has exploded, now making up the vast majority of the company's income, with most of it coming from a single major client. Core Scientific has also struck a huge multi-year deal to build out hundreds of megawatts of AI computing capacity. The miners aren't disappearing overnight, but they're clearly not the priority anymore.