Core Scientific has suffered a massive $347M quarterly loss, marking a seismic shift as AI hosting revenues now surpass Bitcoin mining for the first time. The crypto mining giant mined just 279 BTC during the period, a sharp 45% decline from the previous year, signaling their strategic pivot away from pure cryptocurrency operations.

The company's colocation business now generates more revenue than traditional mining operations, reflecting growing demand for AI infrastructure. This transformation highlights how former crypto companies are adapting to market changes, with Core Scientific betting big on the AI boom while maintaining some presence in the volatile cryptocurrency market that once defined their entire business strategy.