Core Scientific plans to exit Bitcoin mining by the end of 2026

With mining down to 7.5% of quarterly revenue and the company's Bitcoin reserve almost entirely sold to fund construction, holders of Core Scientific stock are betting on data-center leases rather than block rewards. Miners on its payroll face a phased wind-down rather than an overnight exit. AI tenants gain access to sites retrofitted for mining-scale power loads, though the company's own numbers show one customer still drives most of that leasing revenue.

The pivot mirrors a broader pattern among US miners trading volatile block-reward income for fixed-term AI leases, a trade some call sensible diversification and others call abandoning the asset that built the business. Relying on a single customer for the bulk of revenue swaps one concentration risk, Bitcoin's price, for another, counterparty dependence. Whether a 'data center provider' born from mining infrastructure can compete with purpose-built AI hosts remains an open question the company has not addressed.

The company's own timeline sets the test: mining ends by December 2026, with 2027 marked as the first full year as a dedicated colocation provider. Future quarterly earnings calls will show whether AI leasing revenue broadens beyond its dominant customer or the concentration risk deepens further. Watch for new tenant announcements or updated contract disclosures as the clearest signal of how the wind-down is actually proceeding.

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