TLDR
- Core Scientific stock closed down 10.82% at $11.38 on Thursday
- The company expects to end Bitcoin mining in Q4 2026
- Colocation brought in $215.4 million of $232.9 million in Q3 revenue
- Self-mining revenue fell to $12.3 million from $57.4 million a year ago
- Nearly 50% fewer miners were online in September than at the end of 2025
Core Scientific (CORZ) stock closed 10.82% lower at $11.38 on Thursday. It rose 1.67% in overnight trading.
The drop followed news that the company will quit Bitcoin mining by the end of 2026. CFO Jim Nygaard gave the timeline on the Q3 earnings call.
“We expect to complete the wind-down during the fourth quarter and enter 2027 as a pure-play high-density colocation provider,” he said. That puts a firm finish line on the plan.
A July filing had already said hosted mining would end by Dec. 31. Thursday’s comments covered the whole mining business.
Bitcoin fell 6.3% in 24 hours to $75,662.81, according to Benzinga Pro. The coin and the stock both had a rough day.
Colocation Takes Over the Revenue Mix
Third-quarter revenue came in at $232.9 million. Colocation services made up $215.4 million of that, more than 14 times the year-ago figure.
Bitcoin mining brought in $17.5 million, or 7.5% of the total. That is down about 74% from a year earlier.
Self-mining revenue dropped to $12.3 million from $57.4 million. Hosted mining slipped to $5.2 million from $8.7 million.
Nygaard said nearly 50% fewer miners were online at the end of September than at the end of 2025. The rigs are going dark fast.
Mining pay has been under pressure since the April 2024 halving, which cut the block reward from 6.25 BTC to 3.125 BTC. The company booked $266.5 million in mining-related impairments in the first quarter of 2026.
It pointed to weaker Bitcoin prices, historically low hashprice and falling used-equipment values. In the second quarter, it ended its mining equipment deal with Block and Proto at a $41.9 million loss.
A Pivot That Keeps Speeding Up
Core Scientific signed its first hosting deal with CoreWeave in March 2024. A much larger agreement followed in June of that year.
At the time, the company described AI hosting as an add-on that protected its mining capacity. By December 2025, The Wall Street Journal reported a plan to end mining by 2028.
The new target lands two years ahead of that report. The company also has a 530-megawatt, 15-year lease arrangement with AMD and a neocloud company across five campuses.
AMD leases 377 MW directly, and the neocloud company leases 152 MW. Reuters reported Wednesday that data-center opponents were among the winners of the Democrats’ midterm gains.
Benzinga Edge Rankings show a weak price trend for CORZ across short, medium and long timeframes. In overnight trading, the stock was up 1.67% after Thursday’s 10.82% drop.
