Core Scientific will finish winding down its crypto mining business before 2026 closes, management said on the company's third-quarter earnings call held Thursday, and the firm plans to enter 2027 as a pure-play high-density colocation provider.

Chief Executive Adam Sullivan set the deadline on the call, stating that the exit from mining will be complete before the end of the year.

Core Scientific, headquartered in Austin, Texas, is one of the largest publicly traded bitcoin miners in North America and trades on the Nasdaq under the ticker CORZ. The company returned to public markets in early 2024 after completing a Chapter 11 restructuring first initiated in December 2022.

The planned exit marks the endpoint of a strategic transition that has been underway for the past two years. Core Scientific has signed long-term agreements with AI cloud provider CoreWeave to deliver roughly 500 megawatts of data center capacity for high-performance computing and GPU workloads across its US sites. In a colocation model, the operator supplies data center space, power, and cooling while customers install and run their own computing equipment, turning capacity once occupied by mining rigs into multi-year hosting commitments. In mid-2025, CoreWeave proposed an all-stock acquisition of Core Scientific valued at roughly $9 billion, but Core Scientific shareholders rejected the deal in October 2025.

The announcement comes after the April 2024 bitcoin halving, which cut the per-block mining reward from 6.25 BTC to 3.125 BTC and reduced the pace of new bitcoin issuance to miners. Halving events occur roughly every four years, and the 2024 cut halved the bitcoin earned for each unit of computing work directed at the network. With the exit deadline now set, the milestones to track through 2026 are the completion of the wind-down and the build-out of the contracted colocation capacity.

This article was first published on COINOTAG: Core Scientific to Complete Bitcoin (BTC) Mining Exit by Year-End 2026