Core Scientific expects to stop mining BTC in Q4 2026 and operate solely as a hosting business from 2027. The transition is already visible: hosting generated $215.4m of its $232.9m Q3 revenue, or 92.5%, all from CoreWeave. That shifts the investment case away from bitcoin mining economics toward construction, financing and a concentrated customer relationship. Future growth depends on delivering hosting capacity, not on a higher BTC price. //zero illusion
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