TLDR
- Core Scientific stock closed 10.82% lower at $11.38 on Thursday
- The company expects to finish its Bitcoin mining wind-down in Q4 2026
- Mining made up just 7.5% of $232.9 million in Q3 revenue
- Colocation brought in $215.4 million, more than 14 times last year’s level
- 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 edged up 1.67% in overnight trading after the drop.
The move came after the company said it will quit Bitcoin mining by the end of 2026. Bitcoin was down 6.3% over 24 hours to $75,662.81 at the time of writing.
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.
The company had flagged in a July filing that hosted mining would end by Dec. 31. Thursday’s comment set a target date for the full exit.
CORE SCIENTIFIC $CORZ Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $232.9M (Est. $195M) 🟢; +187% YoY
🔹 EPS: $0.47 (Est. -$0.04) 🟢
🔹 Adj. EBITDA: $133.6MSegment Net Revenue:
🔹 Colocation: $215.4M
🔹 Self-Mining: $12.3M; -79% YoY
🔹 Hosted Mining: $5.2M; -41% YoYAnnouncements:… pic.twitter.com/BZduh3Z2dx
— Wall St Engine (@wallstengine) November 5, 2026
Nygaard also said nearly 50% fewer miners were online at the end of September than at the end of 2025. The machines are going dark fast.
Mining Shrinks to a Side Note
Mining brought in $17.5 million of the $232.9 million in third-quarter revenue. That is 7.5% of the total.
Self-mining revenue fell to $12.3 million from $57.4 million a year earlier. Hosted mining revenue slipped to $5.2 million from $8.7 million.
Colocation services delivered $215.4 million. That is more than 14 times the amount from the same quarter last year.
Bitcoin’s April 2024 halving cut the block reward from 6.25 BTC to 3.125 BTC. Mining revenue has been falling since.
Core Scientific booked $266.5 million in mining-related asset impairments in the first quarter of 2026. It pointed to weaker Bitcoin prices, historically low hashprice and falling prices for used mining equipment.
In the second quarter, it ended its mining equipment agreement with Block and Proto. That cost a $41.9 million loss.
The Timeline Keeps Getting Shorter
Core Scientific signed an initial hosting deal with CoreWeave in March 2024. A much larger agreement followed in June.
Back then, the company described AI hosting as an add-on that preserved its mining capacity. By December 2025, The Wall Street Journal reported a plan to wind down mining by 2028.
Now the target is the end of this year, two years ahead of that reported date. The company also has a 530-megawatt, 15-year leasing arrangement tied to AMD and a neocloud counterparty across five campuses.
AMD directly leases 377 MW, and the neocloud leases the remaining 152 MW. Reuters reported Wednesday that opponents of data-center development were among the winners of the Democrats’ midterm gains, with the backlash centered partly on electricity bills and local resource demands.
