Core Scientific's data-centre revenue dwarfs its remaining Bitcoin mining

Core Scientific reported $215.4 million of high-density colocation revenue out of $232.9 million total revenue for the third quarter. Its 5 November results show how far the former mining-heavy business has moved towards hosting AI infrastructure.

Colocation means providing facilities for customers' computing equipment. That business supplied roughly 92.5% of Core Scientific's quarterly revenue, calculated from the reported figures. Self-mining contributed $12.3 million and hosted mining another $5.2 million.

The company said it was billing for 485 megawatts of capacity at the end of September and was repurposing its remaining mining facilities as circumstances allow. The figures describe an ongoing business conversion, not an announcement that Bitcoin mining had already stopped.

The headline profit needs context. Reported net income of about $1.18 billion benefited from a non-cash change in warrant valuations; it should not be read as cash earned from operating servers. Quarterly capital expenditure was about $985 million.

For crypto readers, the useful signal is the changing revenue mix and the cost of building the replacement business. Those figures say more about this company's transition than a broad claim that every miner should follow it.