I just looked at Core Scientific's financial report for Q4 2025, and there are some interesting points here. Their total revenue dropped to $79.8 million from $94.9 million the previous year, a significant decline. But what’s more interesting is that the revenue composition has changed drastically.

Revenue from their bitcoin mining operations plummeted from $79.9 million to $42.2 million, nearly halved. This is clearly due to more competitive mining conditions and thinner margins. On the other hand, they are focusing on developing their colocation services business, and the results are quite impressive—revenue from this service increased from $8.5 million to $31.3 million.

So it seems Core Scientific is pivoting from a pure mining operator to an infrastructure provider. Their colocation model rents out computing infrastructure to other companies that want to mine or perform intensive computing tasks. This diversification strategy might be more sustainable than relying solely on bitcoin mining.