Core Scientific Cancels $41.9M Contract with Block Amid Strategic Shift

Core Scientific, a data center operator, has canceled its $41.9 million contract for Bitcoin mining equipment with Block, a company co-founded by Jack Dorsey.

The move comes after Core Scientific paid at least $67.9 million to Block for the purchase of mining chips since 2024.

Core Scientific's latest quarterly report shows that it has entered into a termination and settlement agreement with Block, resulting in a $41.9 million loss.

The company decided to terminate its procurement obligations with Proto, Block's mining hardware division, as part of its strategic transformation.