Core Scientific is straight up ending their Bitcoin mining ops by December 2026 and sliding into 2027 as a dedicated high-density colocation provider for AI and HPC vibes, CFO Jim Nygaard spilled during the Q3 earnings call. 🖤 The shift already slashed their mining fleet by nearly half while they reroute power and data center space to infra clients.
Colo Revenue Explosion This Quarter ✨
Colocation revenue jumped 58% quarter on quarter to 215.4 million in Q3 versus 136.7 million in Q2 and 15 million last year. Total revenue climbed 42% sequentially to 232.9 million while adjusted EBITDA rose to 133.6 million from 41.1 million prior. The adjusted EBITDA margin widened from 25% to 57% showing solid operating gains as more capacity fired up. 🌑 Core Scientific posted net income of 1.18 billion flipping from losses of 1.16 billion in Q2 and 144 million a year ago tho the number includes a big non cash warrant gain so it is not pure business reflection.
Nygaard highlighted the scale with nearly 50% fewer miners online by end of September compared to end 2025. They billed for 485 megawatts of colocation capacity up 90 MW in the quarter equaling over 700 million in average annualized GAAP revenue. 🔮 About 100 MW left in the CoreWeave buildout is still commissioning with revenue expected soon per CEO Adam Sullivan.
BTC Mining Profit Heat Rises 🦇
Competition stays fierce among miners and the next reward halving in 17 months will make it even less profitable. American Bitcoin the Eric Trump backed firm reported 126 million quarterly net income mostly from a 197.3 million non cash Bitcoin holding gain. Its mining ops weakened with revenue down 5.5% quarter on quarter to 63.4 million and cost per BTC up 15% to 42,100. Excluding the gain they would have shown around 5.5 million loss plus a 64.3 million derivatives hit. CEO Mike Ho noted they kept mining below spot despite higher seasonal power costs. 🌹 Several other public BTC miners are pivoting infra toward AI workloads too with Riot building large scale data centers and MARA adding AI alongside mining. 👻🕸️💀🌸
Just another echo from the void by iconofsin.eth 💖
