Core Scientific posts $347M loss as AI hosting overtakes Bitcoin mining

Written by Ezra Reguerra, Staff Writer. Reviewed by Bryan O'Shea, Staff Editor. Written by Ezra Reguerra, Staff Writer. Reviewed by Bryan O'Shea, Staff Editor. Core Scientific posts $347M loss as AI hosting overtakes Bitcoin miningLatest NewsPublishedMay 7, 2026Core Scientific mined 279 BTC in the quarter, down 45% from a year earlier, while its colocation business became its top revenue source.Core Scientific (CORZ) reported a $347.2 million first-quarter net loss as its Bitcoin self-mining revenue fell sharply and high-density colocation became its largest revenue source. In its earnings report published Wednesday, the company reported a net loss of $1.06 per diluted share for the quarter. A year earlier, Core Scientific reported diluted earnings of $1.24 per share.Core Scientific said the loss included $266.5 million in non-cash impairment charges and a $30.8 million non-cash loss from changes in the fair value of warrants and contingent value rights.Revenue rose to $115.2 million from $79.5 million a year earlier, but fell short of analyst expectations. Zacks Equity Research said analysts expected $120.2 million in revenue, with Core Scientific’s results coming in about 4.1% below expectations.The results show Core Scientific’s transition from a Bitcoin miner into an AI infrastructure company, with high-density colocation now generating most of its revenue. The shift gives the company a larger business, but it also highlights how its legacy mining operations have weakened.Bitcoin mining revenue fallsCore Scientific’s digital asset self-mining revenue fell to $30.1 million from $67.2 million a year earlier, with the company mining 279 Bitcoin (BTC) during the quarter, down 45% from the same period in 2025. According to its 10-Q filing, Core Scientific sold 2,385 Bitcoin during the quarter for $208.3 million to fund planned capital expenditures and other cash needs.Core Scientific’s six-month price chart. Source: Yahoo FinanceDespite the weaker mining resul…

Core Scientific posts $347M loss as AI hosting overtakes Bitcoin mining

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