Core Scientific to quit Bitcoin mining by year-end as AI business surges

Core Scientific, once a prominent player in the Bitcoin mining sector, has announced its intention to fully discontinue Bitcoin mining operations by year-end. The company is strategically shifting its focus to become a dedicated data center provider, with a stated goal of achieving this transformation by 2027. This pivot comes as Bitcoin mining now accounts for only 7.5% of its quarterly revenue, overshadowed by a significant surge in its artificial intelligence (AI) related business ventures, which are driving this strategic redirection.