Core Scientific Revenue Jumps 187% as Self-Mining Income Falls 79%

Core Scientific’s revenue mix is shifting toward data centers: third-quarter revenue rose 187% year over year to $233 million as high-density hosting outweighed a steep drop in Bitcoin (BTC) self-mining income.

Data-center hosting generated $215.4 million, about 92.5% of revenue. Self-mining brought in $12.26 million, down about 79% from the same quarter last year.

Net income reached $1.178 billion, compared with a $144 million loss a year earlier. The increase was driven mainly by a noncash gain tied to a change in the fair value of warrants.

In the first nine months of the year, the company received about $287 million in cash from selling digital assets earned through self-mining. Its digital-asset holdings were valued at about $2.69 million as of Sept. 30.

Core Scientific plans to fully exit Bitcoin self-mining by the end of the fourth quarter. Starting in 2027, it plans to focus on high-density hosting for high-performance computing and artificial intelligence workloads.