Core Scientific Ditches Block Mining Deal for $41.9M as AI Focus Grows

Core Scientific has paid $41.9 million to exit its contract with Block's Proto unit, which would have supplied 3-nanometer mining chips representing about 15 EH/s of computing power.

The terminated agreement was one of the industry's largest announced mining-chip transactions by hashrate and included an option for additional volume.

Core Scientific says it is accelerating its retreat from bitcoin mining toward AI infrastructure, citing a shift in focus to high-density colocation operations.

Colocation revenue rose to $136.7 million from $10.6 million a year earlier, accounting for 83% of total revenue, compared with 13% in the prior-year period.