Crypto
Core Scientific Abandons Block's Bitcoin Mining Deal
Core Scientific has ended its $41.9 million contract to purchase Bitcoin mining chips from Block, citing a strategic shift in its business.
The company had paid at least $67.9 million to Block since 2024 for the mining equipment, but incurred a significant loss after terminating the contract.
Core Scientific made payments of $10 million in July 2024, $21.3 million in January 2025, and the final payment of $36.6 million in January 2026.
The company's decision to terminate the contract is part of its transformation strategy, which prioritizes renting out data centers to companies like AMD over mining Bitcoin using Block's miners.