Core Scientific to Exit Bitcoin Mining by Year-End

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Core Scientific announced during its Q3 earnings call on November 5 that it will exit Bitcoin mining by the end of the year. The company will focus on data center equipment leasing by 2027. Q3 equipment leasing revenue increased nearly 60% to $215.4 million, accounting for 92% of total revenue. Self-operated Bitcoin mining revenue dropped to $12.3 million, a 79% decline from last year, resulting in a $7.5 million gross loss. On-chain data indicates a strategic shift toward high-density hosting. Traders are advised to monitor altcoins amid industry realignments.

According to CoinPost, Core Scientific, a U.S. data center operator, stated during its Q3 earnings call on November 5 that it will complete its exit from Bitcoin mining by the end of the year. Chief Financial Officer Jim Nygaard said that by 2027, the company will focus exclusively on data center equipment leasing (high-density hosting). Financial results showed that equipment leasing revenue increased nearly 60% quarter-over-quarter to $215.4 million, accounting for approximately 92% of total revenue of $232.9 million; self-operated Bitcoin mining revenue amounted to $12.3 million, a decline of about 79% compared to $57.4 million in the same period last year, resulting in a gross loss of $7.5 million.

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