Core Scientific Exits Bitcoin Mining Deal for $41.9M Amid Shift to AI Infrastructure

Core Scientific has paid $41.9 million to exit its bitcoin mining deal with Block's Proto unit, marking another step in the company's shift towards AI infrastructure.

The settlement canceled an existing contract for 3-nanometer mining chips representing about 15 EH/s of computing power and all future equipment deliveries.

Core Scientific tied this decision to its transition from bitcoin mining to high-density colocation operations, citing a decline in self-mining revenue and a surge in AI-related revenue.

The company's second-quarter results showed a significant increase in colocation revenue, with 83% of total revenue coming from graphics-processing units and other high-density computing systems.