{"id":7761,"date":"2026-11-06T02:10:10","date_gmt":"2026-11-06T02:10:10","guid":{"rendered":"https:\/\/tokenmetrics.com\/blog\/core-scientific-quit-bitcoin-mining-ai-business-surges\/"},"modified":"2026-11-06T02:10:10","modified_gmt":"2026-11-06T02:10:10","slug":"core-scientific-quit-bitcoin-mining-ai-business-surges","status":"publish","type":"post","link":"https:\/\/tokenmetrics.com\/btc\/news\/core-scientific-quit-bitcoin-mining-ai-business-surges\/","title":{"rendered":"Core Scientific to Quit Bitcoin Mining as Polymarket Eyes $75K Dip"},"content":{"rendered":"<h2>Signal Snapshot<\/h2>\n<ul>\n<li>Core Scientific plans to quit Bitcoin mining by the end of 2026.<\/li>\n<li>It wants to start 2027 as a pure data center rental business.<\/li>\n<li>Bitcoin traded near $76k at the time. It was down about 6% on the day.<\/li>\n<\/ul>\n<h2>Key Takeaways<\/h2>\n<ul>\n<li>Core Scientific expects to wind down all Bitcoin mining in Q4 2026.<\/li>\n<li>AI hosting now drives most sales. Mining is a small leftover piece.<\/li>\n<li>The real read is about power use. Chips and power now earn more from AI.<\/li>\n<\/ul>\n<h2>What Happened<\/h2>\n<p>Core Scientific said it will exit Bitcoin mining by the end of 2026. The plan shifts the firm toward AI and high power computing work.<\/p>\n<p>Chief financial officer Jim Nygaard shared the timeline on Thursday. He spoke during the Q3 earnings call. His quote was direct. &#8220;We expect to complete the wind-down during the fourth quarter and enter 2027 as a pure-play, high-density colocation provider.&#8221;<\/p>\n<p>The firm had hinted at this move before. It flagged the shift back in July.<\/p>\n<p>This new comment sets a firm target date. It covers the full exit from mining. The firm plans to finish the job in Q4. It then plans to start 2027 as a rental provider only.<\/p>\n<p>The numbers show why the move makes sense. That is where the money now comes from.<\/p>\n<p>Those deals grew fast. They now dwarf the old mining line in <a href=\"https:\/\/cointelegraph.com\/news\/core-scientific-to-quit-bitcoin-mining-by-year-end-as-ai-business-surges?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" rel=\"noopener\">plans to exit mining<\/a>. Nygaard laid out the next step on the <a href=\"https:\/\/cointelegraph.com\/news\/core-scientific-to-quit-bitcoin-mining-by-year-end-as-ai-business-surges?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" rel=\"noopener\">third quarter earnings call<\/a>.<\/p>\n<h2>Why It Matters<\/h2>\n<p>This is a company event with a clear market message. A former mining giant is leaving mining. It is not pausing. It is not cutting back. It is quitting for good.<\/p>\n<p>Think of it like a landlord. You own a big building with lots of power. One tenant pays low rent. Another tenant pays high rent. You pick the high rent tenant. That is what Core Scientific is doing.<\/p>\n<p>Mining now brings in cents on the dollar. Hosting brings in dollars. Q3 shows the split in plain terms. No board would keep chasing the small slice.<\/p>\n<p>It also tells us where power wants to go. Bitcoin mining uses lots of power. AI data centers use lots of power too. Right now AI pays more for that power. So power moves to AI.<\/p>\n<p>For Bitcoin holders, the direct hit looks small. Core Scientific is already half wound down. Its miners are mostly offline. The network has had time to adjust. This is not a shock exit.<\/p>\n<p>The bigger point is about miners as a group. When mining is only 7.5% of sales, you are no longer a miner. You are a data center firm with a hobby rig in the back. The label change is honest.<\/p>\n<p>On crypto rails, this strengthens AI. It does not strengthen payments or stablecoins. It does not help tokenization or settlement. It shows real buildings and real power plugs moving to AI work. That is the rail to watch here.<\/p>\n<p>Here is the second order read. Other miners face the same math. If hosting pays more than coins, more firms will follow. That would cut coin selling from miners. It would also cut new coin supply stress. But it would move power away from securing the chain. That trade off matters over time.<\/p>\n<h2>Token Metrics View<\/h2>\n\t\t<style id=\"tm-token-card-styles\">\n\t\t.tm-token-card {\n\t\t\tposition: relative;\n\t\t\tmargin: 1.75em 0;\n\t\t\tpadding: 1.25em 1.4em 1.4em;\n\t\t\tbackground: #17171D;\n\t\t\tborder: 1px solid rgba(255, 214, 10, 0.18);\n\t\t\tborder-radius: 16px;\n\t\t\tcolor: #e8eaf2;\n\t\t\tfont-family: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, \"Helvetica Neue\", Arial, sans-serif;\n\t\t\toverflow: hidden;\n\t\t}\n\t\t.tm-token-card::before {\n\t\t\tcontent: \"\";\n\t\t\tposition: absolute;\n\t\t\ttop: 0;\n\t\t\tleft: 0;\n\t\t\twidth: 4px;\n\t\t\theight: 100%;\n\t\t\tbackground: #FFD60A;\n\t\t}\n\t\t.tm-token-card__header {\n\t\t\tdisplay: flex;\n\t\t\tflex-direction: column;\n\t\t\tgap: 0.4em;\n\t\t\tmargin-bottom: 1em;\n\t\t}\n\t\t.tm-token-card__eyebrow {\n\t\t\tmargin: 0;\n\t\t\tfont-size: 0.72em;\n\t\t\tfont-weight: 700;\n\t\t\tletter-spacing: 0.12em;\n\t\t\ttext-transform: uppercase;\n\t\t\tcolor: #FFD60A;\n\t\t}\n\t\t.tm-token-card__title {\n\t\t\tmargin: 0;\n\t\t\tdisplay: inline-flex;\n\t\t\talign-items: baseline;\n\t\t\tgap: 0.55em;\n\t\t\tflex-wrap: wrap;\n\t\t\tfont-size: 1.5em;\n\t\t\tfont-weight: 700;\n\t\t\tline-height: 1.15;\n\t\t\tcolor: #ffffff;\n\t\t\tletter-spacing: -0.01em;\n\t\t}\n\t\t.tm-token-card__name {\n\t\t\tcolor: #ffffff;\n\t\t}\n\t\t.tm-token-card__ticker {\n\t\t\tpadding: 0.2em 0.6em;\n\t\t\tbackground: rgba(255, 214, 10, 0.14);\n\t\t\tcolor: #FFD60A;\n\t\t\tfont-size: 0.55em;\n\t\t\tfont-weight: 700;\n\t\t\tletter-spacing: 0.08em;\n\t\t\tborder-radius: 999px;\n\t\t\ttext-transform: uppercase;\n\t\t\tline-height: 1;\n\t\t}\n\t\t\/* Recap theme forces `list-style-type: disc` on .entry-content ul\n\t\t * and `padding-left: 0` on every <li> via a high-specificity\n\t\t * selector chain (style.css:1872+). 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'+' : '\u2212';\n\t\t\tvar abs  = Math.abs(value);\n\t\t\tvar fmt  = priceFormat(abs);\n\t\t\treturn sign + '$' + abs.toLocaleString('en-US', { minimumFractionDigits: fmt.precision, maximumFractionDigits: fmt.precision });\n\t\t}\n\t\t\/\/ The header reads the CoinMarketCap quote only. A missing price or\n\t\t\/\/ 24h change stays `\u2014` instead of being derived or set to zero.\n\t\tfunction updateQuote(figure, quote) {\n\t\t\tvar priceEl  = figure.querySelector('[data-tm-chart-price]');\n\t\t\tvar changeEl = figure.querySelector('[data-tm-chart-change]');\n\t\t\tif (!priceEl || !changeEl) { return; }\n\t\t\tvar price = quote && typeof quote.price === 'number' && isFinite(quote.price) && quote.price > 0 ? quote.price : null;\n\t\t\tvar pct = quote && typeof quote.percentChange24h === 'number' && isFinite(quote.percentChange24h) ? quote.percentChange24h : null;\n\t\t\tpriceEl.textContent = price === null ? '\u2014' : formatPrice(price);\n\t\t\tchangeEl.classList.remove('tm-tv-chart__change--up', 'tm-tv-chart__change--down');\n\t\t\tif (price === null || pct === null || pct <= -100) { changeEl.textContent = '\u2014'; return; }\n\t\t\tvar changeAbs = price - price \/ (1 + pct \/ 100);\n\t\t\tchangeEl.textContent = formatChangeAbs(changeAbs) + ' (' + (pct >= 0 ? '+' : '\u2212') + Math.abs(pct).toFixed(2) + '%)';\n\t\t\tif (pct > 0) { changeEl.classList.add('tm-tv-chart__change--up'); }\n\t\t\telse if (pct < 0) { changeEl.classList.add('tm-tv-chart__change--down'); }\n\t\t}\n\n\t\t\/\/ Builds the plotted series: CoinMarketCap daily closes inside the\n\t\t\/\/ requested window, plus the latest quote as the final point when it\n\t\t\/\/ is newer than the last close.\n\t\tfunction chartSeries(body, days) {\n\t\t\tvar closes = body && Array.isArray(body.closes) ? body.closes : [];\n\t\t\tvar cutoff = Date.now() - days * 86400000;\n\t\t\tvar data = [];\n\t\t\tfor (var i = 0; i < closes.length; i++) {\n\t\t\t\tvar row = closes[i];\n\t\t\t\tif (!Array.isArray(row) || row[0] < cutoff) { continue; }\n\t\t\t\tvar v = Number(row[1]);\n\t\t\t\tif (isFinite(v) && v > 0) { data.push({ time: Math.floor(row[0] \/ 1000), value: v }); }\n\t\t\t}\n\t\t\tvar q = body && body.quote;\n\t\t\tvar qTime = q && q.lastUpdated ? Date.parse(q.lastUpdated) : NaN;\n\t\t\tif (q && typeof q.price === 'number' && q.price > 0 && isFinite(qTime)) {\n\t\t\t\tvar qSec = Math.floor(qTime \/ 1000);\n\t\t\t\tif (data.length === 0 || qSec > data[data.length - 1].time) { data.push({ time: qSec, value: q.price }); }\n\t\t\t}\n\t\t\treturn data;\n\t\t}\n\n\t\tfunction fetchToken(coinId) {\n\t\t\tvar url = PROXY_BASE + '\/cmc\/token\/' + encodeURIComponent(coinId);\n\t\t\treturn fetch(url, { credentials: 'omit' }).then(function (r) {\n\t\t\t\tif (!r.ok) { throw new Error('market data ' + r.status); }\n\t\t\t\treturn r.json();\n\t\t\t});\n\t\t}\n\n\t\tfunction renderOne(figure) {\n\t\t\tif (figure.dataset.tmChartReady) { return; }\n\t\t\tif (figure.dataset.tmChartFetching) { return; }\n\t\t\tvar coinId = figure.getAttribute('data-tm-chart-id');\n\t\t\tvar days   = figure.getAttribute('data-tm-chart-days') || '14';\n\t\t\tvar height = parseInt(figure.getAttribute('data-tm-chart-height') || '220', 10);\n\t\t\tvar canvas = figure.querySelector('.tm-tv-chart__canvas');\n\t\t\tif (!coinId || !canvas) { return; }\n\t\t\t\/\/ Greptile P1 (PR #1470): only mark the figure ready AFTER\n\t\t\t\/\/ the data fetch resolves successfully. The earlier flow set\n\t\t\t\/\/ the flag before the await, so a single failed fetch\n\t\t\t\/\/ permanently disabled retry for that page-load \u2014 every\n\t\t\t\/\/ subsequent renderAll() call (e.g. on resize \/ hashchange)\n\t\t\t\/\/ would short-circuit on the stale flag and the chart would\n\t\t\t\/\/ stay blank forever. The intermediate `tmChartFetching`\n\t\t\t\/\/ flag still prevents in-flight double-fetches.\n\t\t\tfigure.dataset.tmChartFetching = '1';\n\n\t\t\tfetchToken(coinId).then(function (body) {\n\t\t\t\tupdateQuote(figure, body && body.quote);\n\t\t\t\tvar data = chartSeries(body, parseInt(days, 10) || 14);\n\t\t\t\tif (data.length < 2) {\n\t\t\t\t\tdelete figure.dataset.tmChartFetching;\n\t\t\t\t\treturn;\n\t\t\t\t}\n\t\t\t\tfigure.dataset.tmChartReady = '1';\n\t\t\t\tdelete figure.dataset.tmChartFetching;\n\t\t\t\tfunction renderSvgChart() {\n\t\t\t\t\tvar w = 1000;\n\t\t\t\t\tvar compact = (canvas.getBoundingClientRect && canvas.getBoundingClientRect().width < 420);\n\t\t\t\t\tvar h = compact ? Math.max(190, height - 20) : height;\n\t\t\t\t\tvar pad = compact\n\t\t\t\t\t\t? { l: 18, r: 132, t: 14, b: 32 }\n\t\t\t\t\t\t: { l: 20, r: 96, t: 14, b: 34 };\n\t\t\t\t\tvar plotW = w - pad.l - pad.r;\n\t\t\t\t\tvar plotH = h - pad.t - pad.b;\n\t\t\t\t\tvar values = data.map(function (d) { return d.value; });\n\t\t\t\t\tvar rawMin = Math.min.apply(null, values);\n\t\t\t\t\tvar rawMax = Math.max.apply(null, values);\n\t\t\t\t\tvar rawSpan = Math.max(rawMax - rawMin, Math.abs(rawMax) * 0.01, 1);\n\t\t\t\t\tfunction niceStep(range, targetTicks) {\n\t\t\t\t\t\tvar rough = range \/ Math.max(1, targetTicks - 1);\n\t\t\t\t\t\tvar exponent = Math.pow(10, Math.floor(Math.log10(rough)));\n\t\t\t\t\t\tvar fraction = rough \/ exponent;\n\t\t\t\t\t\tvar niceFraction = fraction <= 1 ? 1 : fraction <= 2 ? 2 : fraction <= 5 ? 5 : 10;\n\t\t\t\t\t\treturn niceFraction * exponent;\n\t\t\t\t\t}\n\t\t\t\t\tvar step = niceStep(rawSpan * 1.16, 6);\n\t\t\t\t\tvar min = Math.floor((rawMin - rawSpan * 0.12) \/ step) * step;\n\t\t\t\t\tvar max = Math.ceil((rawMax + rawSpan * 0.12) \/ step) * step;\n\t\t\t\t\tvar span = Math.max(max - min, step);\n\t\t\t\t\tfunction x(i) { return pad.l + (data.length === 1 ? plotW : (i \/ (data.length - 1)) * plotW); }\n\t\t\t\t\tfunction y(v) { return pad.t + ((max - v) \/ span) * plotH; }\n\t\t\t\t\tfunction esc(s) { return String(s).replace(\/[&<>\\\"]\/g, function (c) { return ({ '&': '&amp;', '<': '&lt;', '>': '&gt;', '\"': '&quot;' })[c]; }); }\n\t\t\t\t\tfunction fmtTick(v) {\n\t\t\t\t\t\tif (Math.abs(v) >= 1000) {\n\t\t\t\t\t\t\treturn '$' + Math.round(v \/ 1000).toLocaleString('en-US') + 'K';\n\t\t\t\t\t\t}\n\t\t\t\t\t\treturn '$' + Math.round(v).toLocaleString('en-US');\n\t\t\t\t\t}\n\t\t\t\t\tfunction fmtDate(ts) { return new Date(ts * 1000).toLocaleDateString(undefined, { month: 'short', day: 'numeric', timeZone: 'UTC' }); }\n\t\t\t\t\tvar line = data.map(function (d, i) { return (i ? 'L' : 'M') + x(i).toFixed(1) + ' ' + y(d.value).toFixed(1); }).join(' ');\n\t\t\t\t\tvar area = line + ' L' + x(data.length - 1).toFixed(1) + ' ' + (pad.t + plotH).toFixed(1) + ' L' + pad.l + ' ' + (pad.t + plotH).toFixed(1) + ' Z';\n\t\t\t\t\tvar grid = '';\n\t\t\t\t\tfor (var gv = max; gv >= min - step * 0.5; gv -= step) {\n\t\t\t\t\t\tvar gy = y(gv);\n\t\t\t\t\t\tgrid += '<line x1=\"' + pad.l + '\" y1=\"' + gy.toFixed(1) + '\" x2=\"' + (pad.l + plotW) + '\" y2=\"' + gy.toFixed(1) + '\" stroke=\"' + TM_BRAND.grid + '\"\/>';\n\t\t\t\t\t\tgrid += '<text x=\"' + (pad.l + plotW + 10) + '\" y=\"' + (gy + 4).toFixed(1) + '\" fill=\"rgba(232,234,242,.72)\" font-size=\"20\">' + esc(fmtTick(gv)) + '<\/text>';\n\t\t\t\t\t}\n\t\t\t\t\tvar labels = '';\n\t\t\t\t\t[0, Math.floor((data.length - 1) \/ 2), data.length - 1].forEach(function (idx, n) {\n\t\t\t\t\t\tlabels += '<text x=\"' + x(idx).toFixed(1) + '\" y=\"' + (h - 9) + '\" text-anchor=\"' + (n === 0 ? 'start' : n === 2 ? 'end' : 'middle') + '\" fill=\"rgba(232,234,242,.62)\" font-size=\"' + (compact ? 24 : 20) + '\">' + esc(fmtDate(data[idx].time)) + '<\/text>';\n\t\t\t\t\t});\n\t\t\t\t\tcanvas.innerHTML = '<svg class=\"tm-tv-chart__svg\" viewBox=\"0 0 ' + w + ' ' + h + '\" width=\"100%\" height=\"100%\" preserveAspectRatio=\"none\" role=\"presentation\" aria-hidden=\"true\">'\n\t\t\t\t\t\t+ '<defs><linearGradient id=\"tm-chart-fill-' + Math.random().toString(36).slice(2) + '\" x1=\"0\" x2=\"0\" y1=\"0\" y2=\"1\"><stop offset=\"0%\" stop-color=\"rgba(255,214,10,.38)\"\/><stop offset=\"100%\" stop-color=\"rgba(255,214,10,0)\"\/><\/linearGradient><\/defs>'\n\t\t\t\t\t\t+ '<rect x=\"0\" y=\"0\" width=\"' + w + '\" height=\"' + h + '\" fill=\"' + TM_BRAND.bg + '\"\/>'\n\t\t\t\t\t\t+ grid\n\t\t\t\t\t\t+ '<path d=\"' + area + '\" fill=\"rgba(255,214,10,.18)\"\/>'\n\t\t\t\t\t\t+ '<path d=\"' + line + '\" fill=\"none\" stroke=\"' + TM_BRAND.line + '\" stroke-width=\"5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>'\n\t\t\t\t\t\t+ labels\n\t\t\t\t\t\t+ '<\/svg>';\n\t\t\t\t}\n\t\t\t\trenderSvgChart();\n\t\t\t\tif (window.ResizeObserver) {\n\t\t\t\t\tvar ro = new ResizeObserver(renderSvgChart);\n\t\t\t\t\tro.observe(canvas);\n\t\t\t\t}\n\t\t\t}).catch(function (err) {\n\t\t\t\t\/\/ Greptile P1 (PR #1470): clear the in-flight flag on\n\t\t\t\t\/\/ failure so a future renderAll() can retry. Without\n\t\t\t\t\/\/ this, a failed proxy call leaves the figure\n\t\t\t\t\/\/ permanently in a half-loaded state.\n\t\t\t\tdelete figure.dataset.tmChartFetching;\n\t\t\t\tconsole.warn('[tm-tv-chart] data fetch failed for ' + coinId, err);\n\t\t\t});\n\t\t}\n\n\t\tfunction renderAll() {\n\t\t\tvar figures = document.querySelectorAll('[data-tm-chart]');\n\t\t\tif (figures.length === 0) { return; }\n\t\t\tfigures.forEach(renderOne);\n\t\t}\n\n\t\tif (document.readyState === 'loading') {\n\t\t\tdocument.addEventListener('DOMContentLoaded', renderAll);\n\t\t} else {\n\t\t\trenderAll();\n\t\t}\n\t})();\n\t<\/script>\n\t\t\n<p>Token Metrics data frames the timing well. Bitcoin sat near $76k when the news broke. It was down about 6% on the day. It was down about 1% on the week. Total value was about $1.5 trillion.<\/p>\n<p>Polymarket traders were already braced for more soft trade. One market asks if Bitcoin will dip to $75k in November. It was priced near 86%. That is only about $1k below spot. So traders saw that dip as very likely.<\/p>\n<p>A second market asks about $72.5k in November. It was priced near 62%. That is about $4k below spot. That shows real fear of a deeper slide. A third market covers $70k for Nov. 2 to Nov. 8. It was priced near 5%. So a fast crash was seen as unlikely.<\/p>\n<p>Put together, the read is calm but weak. Price is soft. Short term bets lean down. They do not lean crash. That fits a slow bleed, not panic.<\/p>\n<p>Token Metrics tagged this as a market snapshot in Daily Pulse coverage. That means it is about price action first. It is not a new token signal. It is context for holders.<\/p>\n<p>For a retail holder, here is the plain take. The Core Scientific news did not lift price. It landed on a down day. Traders cared more about $75k holding than about one miner quitting. Watch that $75k line. It is the near term mood gauge.<\/p>\n\t\t<aside\n\t\tclass=\"tm-token-stats\"\n\t\tdata-tm-token-stats\n\t\tdata-tm-stats-id=\"bitcoin\"\n\t\tdata-tm-stats-lookback=\"365\"\n\t\taria-label=\"Bitcoin key statistics\"\n\t>\n\t\t<header class=\"tm-token-stats__header\">\n\t\t\t<h3 class=\"tm-token-stats__title\">Bitcoin \u00b7 Key Stats<\/h3>\n\t\t\t<span class=\"tm-token-stats__lookback\">365d lookback<\/span>\n\t\t<\/header>\n\t\t<section class=\"tm-token-stats__section\">\n\t\t\t<h4 class=\"tm-token-stats__section-label\">Market<\/h4>\n\t\t\t<dl class=\"tm-token-stats__grid\">\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>Market Cap<\/dt><dd data-tm-stats-value=\"market-cap\">\u2014<\/dd><\/div>\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>Vol \/ Cap<\/dt><dd data-tm-stats-value=\"turnover\">\u2014<\/dd><\/div>\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>52-Week Range<\/dt><dd data-tm-stats-value=\"range-52w\">\u2014<\/dd><\/div>\n\t\t\t<\/dl>\n\t\t<\/section>\n\t\t<section class=\"tm-token-stats__section\">\n\t\t\t<h4 class=\"tm-token-stats__section-label\">Performance<\/h4>\n\t\t\t<dl class=\"tm-token-stats__grid\">\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>30d<\/dt><dd data-tm-stats-value=\"change-30d\">\u2014<\/dd><\/div>\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>1y<\/dt><dd data-tm-stats-value=\"change-1y\">\u2014<\/dd><\/div>\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>vs BTC<\/dt><dd data-tm-stats-value=\"vs-btc\">\u2014<\/dd><\/div>\n\t\t\t<\/dl>\n\t\t<\/section>\n\t\t<section class=\"tm-token-stats__section\">\n\t\t\t<h4 class=\"tm-token-stats__section-label\">Risk (1y)<\/h4>\n\t\t\t<dl class=\"tm-token-stats__grid\">\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>Volatility<\/dt><dd data-tm-stats-value=\"volatility\">\u2014<\/dd><\/div>\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>Max Drawdown<\/dt><dd data-tm-stats-value=\"max-drawdown\">\u2014<\/dd><\/div>\n\t\t\t\t<div class=\"tm-token-stats__cell\"><dt>Sharpe<\/dt><dd data-tm-stats-value=\"sharpe\">\u2014<\/dd><\/div>\n\t\t\t<\/dl>\n\t\t<\/section>\n\t\t<p class=\"tm-token-stats__source\">Data via CoinMarketCap. Risk metrics from the trailing daily closes.<\/p>\n\t<\/aside>\n\t\t<script id=\"tm-token-stats-hydrator\">\n\t(function () {\n\t\t\/\/ Routed through the tm-coingecko-proxy Worker's CoinMarketCap\n\t\t\/\/ route. Base URL is resolved server-side so staging can point at\n\t\t\/\/ a separate Worker.\n\t\tvar PROXY_BASE = \"https:\\\/\\\/tokenmetrics.com\\\/api\\\/cg\";\n\t\tvar DAYS_PER_YEAR = 365;\n\t\tvar DAY_MS = 86400000;\n\t\tvar tokenCache = {};\n\t\t\/\/ Resolves to the Worker body, or null when the token is\n\t\t\/\/ unsupported or the provider is unavailable.\n\t\tfunction fetchToken(id) {\n\t\t\tif (tokenCache[id]) { return tokenCache[id]; }\n\t\t\tvar url = PROXY_BASE + '\/cmc\/token\/' + encodeURIComponent(id);\n\t\t\ttokenCache[id] = fetch(url, { credentials: 'omit' }).then(function (r) {\n\t\t\t\tif (!r.ok) { return null; }\n\t\t\t\treturn r.json();\n\t\t\t}).catch(function () { return null; });\n\t\t\treturn tokenCache[id];\n\t\t}\n\t\tfunction closesWithin(body, days) {\n\t\t\tvar closes = body && Array.isArray(body.closes) ? body.closes : [];\n\t\t\tvar cutoff = Date.now() - days * DAY_MS;\n\t\t\tvar out = [];\n\t\t\tfor (var i = 0; i < closes.length; i++) {\n\t\t\t\tvar row = closes[i];\n\t\t\t\tif (Array.isArray(row) && row[0] >= cutoff && isFinite(row[1]) && row[1] > 0) { out.push(row); }\n\t\t\t}\n\t\t\treturn out;\n\t\t}\n\t\tfunction finiteOrNull(value) {\n\t\t\treturn typeof value === 'number' && isFinite(value) ? value : null;\n\t\t}\n\t\t\/\/ A 1y change needs closes that actually reach back a year; a\n\t\t\/\/ shorter history renders `\u2014` instead of a mislabelled return.\n\t\tfunction oneYearReturn(body) {\n\t\t\tvar year = closesWithin(body, DAYS_PER_YEAR + 1);\n\t\t\tif (year.length < 2) { return null; }\n\t\t\tif (year[year.length - 1][0] - year[0][0] < (DAYS_PER_YEAR - 7) * DAY_MS) { return null; }\n\t\t\treturn totalReturn(year);\n\t\t}\n\t\tfunction fmtUsd(value) {\n\t\t\tvar abs = Math.abs(value);\n\t\t\tvar precision = abs >= 0.01 ? 2 : (abs >= 0.0001 ? 6 : 8);\n\t\t\treturn '$' + value.toLocaleString('en-US', { minimumFractionDigits: precision, maximumFractionDigits: precision });\n\t\t}\n\t\tfunction fmtCompactUsd(value) {\n\t\t\tif (value === null || value === undefined || isNaN(value)) { return '\u2014'; }\n\t\t\tvar abs = Math.abs(value);\n\t\t\tif (abs >= 1e12) { return '$' + (value \/ 1e12).toFixed(2) + 'T'; }\n\t\t\tif (abs >= 1e9)  { return '$' + (value \/ 1e9).toFixed(2)  + 'B'; }\n\t\t\tif (abs >= 1e6)  { return '$' + (value \/ 1e6).toFixed(2)  + 'M'; }\n\t\t\tif (abs >= 1e3)  { return '$' + (value \/ 1e3).toFixed(2)  + 'K'; }\n\t\t\treturn fmtUsd(value);\n\t\t}\n\t\tfunction fmtPct(value) {\n\t\t\tif (value === null || value === undefined || isNaN(value)) { return '\u2014'; }\n\t\t\tvar sign = value >= 0 ? '+' : '\u2212';\n\t\t\treturn sign + Math.abs(value).toFixed(2) + '%';\n\t\t}\n\t\tfunction trendOf(value) {\n\t\t\tif (value === null || value === undefined || isNaN(value)) { return null; }\n\t\t\tif (value > 0) { return 'up'; }\n\t\t\tif (value < 0) { return 'down'; }\n\t\t\treturn null;\n\t\t}\n\t\tfunction setCell(root, key, text, trend) {\n\t\t\tvar el = root.querySelector('[data-tm-stats-value=\"' + key + '\"]');\n\t\t\tif (!el) { return; }\n\t\t\tel.textContent = text;\n\t\t\tif (trend === 'up' || trend === 'down') { el.setAttribute('data-trend', trend); }\n\t\t\telse { el.removeAttribute('data-trend'); }\n\t\t}\n\t\tfunction dailyReturns(prices) {\n\t\t\tvar rets = [];\n\t\t\tfor (var i = 1; i < prices.length; i++) {\n\t\t\t\tvar prev = prices[i - 1][1], cur = prices[i][1];\n\t\t\t\tif (prev > 0 && isFinite(prev) && isFinite(cur)) { rets.push(cur \/ prev - 1); }\n\t\t\t}\n\t\t\treturn rets;\n\t\t}\n\t\tfunction mean(arr) {\n\t\t\tif (arr.length === 0) { return 0; }\n\t\t\tvar s = 0; for (var i = 0; i < arr.length; i++) { s += arr[i]; }\n\t\t\treturn s \/ arr.length;\n\t\t}\n\t\tfunction stddev(arr, mu) {\n\t\t\tif (arr.length < 2) { return 0; }\n\t\t\tvar s = 0;\n\t\t\tfor (var i = 0; i < arr.length; i++) { var d = arr[i] - mu; s += d * d; }\n\t\t\treturn Math.sqrt(s \/ (arr.length - 1));\n\t\t}\n\t\tfunction maxDrawdown(prices) {\n\t\t\tif (prices.length < 2) { return { value: 0, duration: 0 }; }\n\t\t\tvar peak = prices[0][1], peakIdx = 0;\n\t\t\tvar maxDd = 0, troughIdx = 0, troughPeakIdx = 0;\n\t\t\tfor (var i = 1; i < prices.length; i++) {\n\t\t\t\tvar p = prices[i][1];\n\t\t\t\tif (p > peak) { peak = p; peakIdx = i; }\n\t\t\t\tif (peak > 0) {\n\t\t\t\t\tvar dd = (p - peak) \/ peak;\n\t\t\t\t\tif (dd < maxDd) { maxDd = dd; troughIdx = i; troughPeakIdx = peakIdx; }\n\t\t\t\t}\n\t\t\t}\n\t\t\tvar duration = 0;\n\t\t\tif (prices[troughIdx] && prices[troughPeakIdx]) {\n\t\t\t\tvar ms = prices[troughIdx][0] - prices[troughPeakIdx][0];\n\t\t\t\tduration = Math.max(0, Math.round(ms \/ 86400000));\n\t\t\t}\n\t\t\treturn { value: maxDd, duration: duration };\n\t\t}\n\t\tfunction quantStats(prices) {\n\t\t\tif (!prices || prices.length < 30) { return null; }\n\t\t\tvar rets = dailyReturns(prices);\n\t\t\tif (rets.length === 0) { return null; }\n\t\t\tvar mu = mean(rets);\n\t\t\tvar sd = stddev(rets, mu);\n\t\t\tvar ann_mu = mu * DAYS_PER_YEAR;\n\t\t\tvar ann_sd = sd * Math.sqrt(DAYS_PER_YEAR);\n\t\t\tvar dd = maxDrawdown(prices);\n\t\t\treturn {\n\t\t\t\tvolatility:      ann_sd,\n\t\t\t\tmaxDrawdown:     dd.value,\n\t\t\t\tmaxDrawdownDays: dd.duration,\n\t\t\t\tsharpe:          ann_sd > 0 ? ann_mu \/ ann_sd : 0\n\t\t\t};\n\t\t}\n\t\tfunction totalReturn(prices) {\n\t\t\tif (!prices || prices.length < 2) { return null; }\n\t\t\tvar first = prices[0][1], last = prices[prices.length - 1][1];\n\t\t\tif (!isFinite(first) || !isFinite(last) || first <= 0) { return null; }\n\t\t\treturn last \/ first - 1;\n\t\t}\n\t\tfunction setRangeCell(root, key, low, current, high) {\n\t\t\tvar el = root.querySelector('[data-tm-stats-value=\"' + key + '\"]');\n\t\t\tif (!el) { return; }\n\t\t\tel.removeAttribute('data-trend');\n\t\t\tif (!isFinite(low) || !isFinite(high) || !isFinite(current) || high <= low) {\n\t\t\t\tel.textContent = '\u2014'; return;\n\t\t\t}\n\t\t\tvar pct = ((current - low) \/ (high - low)) * 100;\n\t\t\tpct = Math.max(0, Math.min(100, pct));\n\t\t\tel.innerHTML = '';\n\t\t\tvar wrap = document.createElement('div'); wrap.className = 'tm-token-stats__range';\n\t\t\tvar track = document.createElement('div'); track.className = 'tm-token-stats__range-track';\n\t\t\tvar dot = document.createElement('div'); dot.className = 'tm-token-stats__range-dot';\n\t\t\tdot.style.left = pct.toFixed(1) + '%';\n\t\t\ttrack.appendChild(dot);\n\t\t\tvar bounds = document.createElement('div'); bounds.className = 'tm-token-stats__range-bounds';\n\t\t\tvar loSpan = document.createElement('span'); loSpan.textContent = fmtUsd(low);\n\t\t\tvar hiSpan = document.createElement('span'); hiSpan.textContent = fmtUsd(high);\n\t\t\tbounds.appendChild(loSpan); bounds.appendChild(hiSpan);\n\t\t\twrap.appendChild(track); wrap.appendChild(bounds); el.appendChild(wrap);\n\t\t}\n\t\tfunction renderOne(root) {\n\t\t\tif (root.dataset.tmStatsReady) { return; }\n\t\t\tvar coinId = root.getAttribute('data-tm-stats-id');\n\t\t\tvar lookback = root.getAttribute('data-tm-stats-lookback') || '365';\n\t\t\tif (!coinId) { return; }\n\t\t\troot.dataset.tmStatsReady = '1';\n\t\t\tvar days = Math.max(30, Math.min(DAYS_PER_YEAR, parseInt(lookback, 10) || DAYS_PER_YEAR));\n\t\t\tPromise.all([\n\t\t\t\tfetchToken(coinId),\n\t\t\t\tfetchToken('bitcoin')\n\t\t\t]).then(function (results) {\n\t\t\t\tvar token = results[0]; var btc = results[1];\n\t\t\t\tif (!token) { return; }\n\t\t\t\tvar prices = closesWithin(token, days);\n\t\t\t\tvar btcPrices = closesWithin(btc, days);\n\t\t\t\tvar q = token.quote || {};\n\t\t\t\tvar mcap = finiteOrNull(q.marketCap);\n\t\t\t\tvar vol = finiteOrNull(q.volume24h);\n\t\t\t\tsetCell(root, 'market-cap', fmtCompactUsd(mcap));\n\t\t\t\tvar turnoverText = '\u2014';\n\t\t\t\tif (vol !== null && mcap !== null && mcap > 0) {\n\t\t\t\t\tturnoverText = fmtCompactUsd(vol) + ' (' + ((vol \/ mcap) * 100).toFixed(2) + '%)';\n\t\t\t\t} else if (vol !== null) { turnoverText = fmtCompactUsd(vol); }\n\t\t\t\tsetCell(root, 'turnover', turnoverText);\n\t\t\t\tif (prices.length > 1) {\n\t\t\t\t\tvar lo = Infinity, hi = -Infinity;\n\t\t\t\t\tfor (var i = 0; i < prices.length; i++) {\n\t\t\t\t\t\tvar p = prices[i][1];\n\t\t\t\t\t\tif (p < lo) { lo = p; } if (p > hi) { hi = p; }\n\t\t\t\t\t}\n\t\t\t\t\tvar cur = finiteOrNull(q.price) || prices[prices.length - 1][1];\n\t\t\t\t\tsetRangeCell(root, 'range-52w', lo, cur, hi);\n\t\t\t\t}\n\t\t\t\tvar change30d = finiteOrNull(q.percentChange30d);\n\t\t\t\tsetCell(root, 'change-30d', fmtPct(change30d), trendOf(change30d));\n\t\t\t\tvar ret1y = oneYearReturn(token);\n\t\t\t\tvar change1y = ret1y === null ? null : ret1y * 100;\n\t\t\t\tsetCell(root, 'change-1y', fmtPct(change1y), trendOf(change1y));\n\t\t\t\tvar tokenRet = totalReturn(prices), btcRet = totalReturn(btcPrices);\n\t\t\t\tif (tokenRet !== null && btcRet !== null) {\n\t\t\t\t\tvar vsBtc = (tokenRet - btcRet) * 100;\n\t\t\t\t\tsetCell(root, 'vs-btc', fmtPct(vsBtc), trendOf(vsBtc));\n\t\t\t\t}\n\t\t\t\tvar qs = quantStats(prices);\n\t\t\t\tvar btcQs = quantStats(btcPrices);\n\t\t\t\tif (qs) {\n\t\t\t\t\tsetCell(root, 'volatility', (qs.volatility * 100).toFixed(1) + '%');\n\t\t\t\t\tvar ddText = fmtPct(qs.maxDrawdown * 100);\n\t\t\t\t\tif (qs.maxDrawdownDays > 0) { ddText += ' (' + qs.maxDrawdownDays + 'd)'; }\n\t\t\t\t\tsetCell(root, 'max-drawdown', ddText, 'down');\n\t\t\t\t\tvar sharpeText = qs.sharpe.toFixed(2);\n\t\t\t\t\tif (btcQs && btcQs.sharpe !== 0) { sharpeText += ' \u00b7 BTC ' + btcQs.sharpe.toFixed(2); }\n\t\t\t\t\tsetCell(root, 'sharpe', sharpeText, trendOf(qs.sharpe));\n\t\t\t\t}\n\t\t\t}).catch(function (err) { console.warn('[tm-token-stats] fetch failed for ' + coinId, err); });\n\t\t}\n\t\tfunction renderAll() {\n\t\t\tvar roots = document.querySelectorAll('[data-tm-token-stats]');\n\t\t\troots.forEach(renderOne);\n\t\t}\n\t\tif (document.readyState === 'loading') {\n\t\t\tdocument.addEventListener('DOMContentLoaded', renderAll);\n\t\t} else {\n\t\t\trenderAll();\n\t\t}\n\t})();\n\t<\/script>\n\t\t\n\t\t<aside\n\t\tclass=\"tm-token-card\"\n\t\trole=\"complementary\"\n\t\taria-label=\"Track Bitcoin (BTC) with Token Metrics\"\n\t\tdata-tm-token-card=\"btc\"\n\t>\n\t\t<header class=\"tm-token-card__header\">\n\t\t\t<p class=\"tm-token-card__eyebrow\">Track this token with Token Metrics<\/p>\n\t\t\t<h3 class=\"tm-token-card__title\">\n\t\t\t\t<span class=\"tm-token-card__name\">Bitcoin<\/span>\n\t\t\t\t<span class=\"tm-token-card__ticker\">BTC<\/span>\n\t\t\t<\/h3>\n\t\t<\/header>\n\t\t<ul class=\"tm-token-card__benefits\">\n\t\t\t\t\t\t\t<li class=\"tm-token-card__benefit\">7-day free trial of Signal<\/li>\n\t\t\t\t\t\t\t<li class=\"tm-token-card__benefit\">Smart-money wallet flows across the top tokens<\/li>\n\t\t\t\t\t\t\t<li class=\"tm-token-card__benefit\">Daily technical setup labels \u2014 Bullish to Bearish, both directions<\/li>\n\t\t\t\t\t\t\t<li class=\"tm-token-card__benefit\">Polymarket consensus on near-term catalysts<\/li>\n\t\t\t\t\t<\/ul>\n\t\t<div class=\"tm-token-card__footer\">\n\t\t\t<a class=\"tm-token-card__cta\" href=\"https:\/\/tokenmetrics.com\/?utm_source=tm_blog&#038;utm_medium=token_card&#038;utm_campaign=signal_btc#premium\" rel=\"noopener\" target=\"_blank\">See the setup, risk, and invalidation before you act \u2192<\/a>\n\t\t\t<span class=\"tm-token-card__meta\">Signal alerts include the setup, risk, and what would change the trade.<\/span>\n\t\t<\/div>\n\t<\/aside>\n\t\n<h2>Market Context<\/h2>\n<p>This story is a company event. It is not a regulatory shift. It is not a protocol shift. It is not a hack or a macro shock. It is one firm changing its business.<\/p>\n<p>The category is simple. A miner becomes a landlord. It rents space, power, and cooling to AI firms. It stops running its own coin machines. That is the whole shift.<\/p>\n<p>Why now? The Q3 mix gives the answer. When one line is more than 12 times the other, the choice is made.<\/p>\n<p>Q4 is just the finish line.<\/p>\n<p>No historical analogs were supplied with this story. So we will not force a past case. The key point stands on its own. The firm disclosed the hosted end date in July. Now it has set Q4 for the full exit. The path has been steady and public.<\/p>\n<p>For Bitcoin, this kind of exit is easy to misread. It sounds big. A giant quits mining. But the work has already left. The machines are already off. The sales line is already tiny. The headline catches up to the facts.<\/p>\n<h2>Risks to Watch<\/h2>\n<ul>\n<li><strong>Timing:<\/strong> Q4 is a target, not a done deal. Delays could push some mining into early 2027.<\/li>\n<li><strong>Contracts:<\/strong> Some hosting deals may need more power build out. That work can run late.<\/li>\n<li><strong>Price:<\/strong> A sharp Bitcoin rally could tempt a firm to keep some rigs on. That would muddy the pure rental story.<\/li>\n<li><strong>Power:<\/strong> Data centers need permits and grid hookups. Local rules can slow new AI halls.<\/li>\n<\/ul>\n<p>What would make this matter less? If mining stays near 7.5% of sales, the exit changes little for Bitcoin. The firm is already mostly out. The last rigs going dark would be noise, not news.<\/p>\n<h2>What to Watch Next<\/h2>\n<ul>\n<li>Watch for a final shut off date in Q4 updates. A firm date means the exit is on track.<\/li>\n<li>Watch Q4 sales split.<\/li>\n<li>Watch miner count in the next filing. Zero or near zero confirms the full quit.<\/li>\n<li>Watch Bitcoin holding near $75k. Polymarket priced that dip near 86%. A hold or break sets the mood.<\/li>\n<\/ul>\n<p>This is context, not advice. Do your own homework and know your own risk.<\/p>\n<h2>Sources \/ Data Used<\/h2>\n<ul>\n<li><a href=\"https:\/\/cointelegraph.com\/news\/core-scientific-to-quit-bitcoin-mining-by-year-end-as-ai-business-surges?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" rel=\"noopener\">Core Scientific AI shift and mining exit report<\/a><\/li>\n<li>Token Metrics data used Bitcoin spot price near $76k. It was down about 6% on the day. It was down about 1% on the week. Market cap was about $1.5 trillion. Polymarket dip odds and Daily Pulse tag were also used.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"Core Scientific plans to end Bitcoin mining by late 2026 and focus on AI data centers. Mining is now a small slice of sales. 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