Bitcoin miners have spent years running warehouses full of power-hungry machines that compete to secure the network and earn new coins.&nbsp;
Now two of the biggest names in the business are pointing that power somewhere else.
Core Scientific and IREN, both listed on <a href="https://www.thestreet.com/crypto/tag/nasdaq" rel="noopener noreferrer nofollow">Nasdaq</a>, reported results on Nov. 5 for the quarter ending Sept. 30.&nbsp;
Both showed revenue from <a href="https://www.thestreet.com/crypto/tag/bitcoin-mining" rel="noopener noreferrer nofollow">Bitcoin mining</a> shrinking fast while income from <a href="https://www.thestreet.com/crypto/tag/artificial-intelligence" rel="noopener noreferrer nofollow">artificial intelligence (AI)</a> customers surged.
<a href="https://www.thestreet.com/crypto/markets/circle-shareholder-presses-ceo-on-profit-growth-" rel="noopener noreferrer nofollow">Related: Circle shareholder presses CEO on profit growth</a>
<h2 id="core-scientific-s-mining-line-shrinks">Core Scientific’s mining line shrinks</h2>
At <a href="https://investors.corescientific.com/news-events/press-releases/detail/146/core-scientific-announces-third-quarter-2026-results" rel="noopener noreferrer nofollow">Core Scientific</a>, revenue from mining <a href="https://www.thestreet.com/crypto/bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a> for itself fell to $12.3 million, down from $57.4 million a year earlier.&nbsp;
Hosted mining, where it runs machines for other miners, brought in $5.2 million, down from $8.7 million.
Colocation took over. That is the business of renting out data center space and power, in this case for AI workloads.&nbsp;
Colocation revenue jumped to $215.4 million from $15 million a year ago. Total revenue rose to $232.9 million.
CEO Adam Sullivan said the company’s “execution at scale is translating into results.”&nbsp;
The company says it is repurposing its remaining mining facilities for this colocation business “as circumstances allow.”
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<h2 id="iren-s-ai-cloud-nearly-triples">IREN’s AI cloud nearly triples</h2>
<a href="https://iren.gcs-web.com/static-files/8b5ff1cc-4a7c-444d-a3bf-bf5a621cf4b7" rel="noopener noreferrer nofollow">IREN’s numbers</a> tell a similar story. Its Bitcoin mining revenue fell to $28 million from $67 million in the previous quarter.&nbsp;
AI cloud revenue, which comes from renting computing power to AI developers, climbed to $200 million from $71 million.
Microsoft is now among its customers. Co-founder and co-CEO Daniel Roberts said AI cloud revenue “nearly tripled” after its Horizon 1 facility went into service for the tech giant.&nbsp;
<a href="https://www.thestreet.com/crypto/tag/iren" rel="noopener noreferrer nofollow">IREN</a> says its target of more than $4 billion in annualized AI revenue is fully contracted and is now aimed for January 2027.
<h2 id="a-rough-day-to-change-lanes">A rough day to change lanes</h2>
The results landed during a heavy selloff in tech. Investors are reassessing AI valuations and spending, and that has dragged crypto down too.&nbsp;
Nearly $1.08 billion in crypto positions were liquidated over 24 hours, according to market data.
<figure><a href="https://app.decibel.trade/trade/BTC-USD" rel="noopener noreferrer nofollow"></a>
 <figcaption>
 Bitcoin price at press time. Source: <a href="https://app.decibel.trade/trade/BTC-USD" rel="noopener noreferrer nofollow">Decibel</a>
 </figcaption>
</figure>
At press time, Bitcoin traded near $76,150, down about 5.3% over 24 hours, according to <a href="https://app.decibel.trade/trade/BTC-USD" rel="noopener noreferrer nofollow">Decibel</a> data.&nbsp;
The move adds pressure on miners whose margins already depend on the coin’s price. It also tests the AI demand both companies are now leaning on.
<h2 id="the-roundtable-100">The Roundtable 100</h2>
If you follow our market coverage, don’t miss the <a href="https://roundtable100.com/tab/rankings" rel="noopener noreferrer nofollow">Roundtable 100</a>. Updated every Friday, it's a power ranking of the 100 most investable tech stocks, including digital assets. Check out the latest <a href="https://roundtable100.com/" rel="noopener noreferrer nofollow">RTB 100</a> rankings at <a rel="noopener noreferrer nofollow">roundtable100.com</a>.
<a href="https://www.thestreet.com/crypto/policy/midterm-results-leave-the-clarity-act-racing-the-clock" rel="noopener noreferrer nofollow">Related: Democratic sweep leaves crypto bill weeks to live</a>

Two big U.S.-listed Bitcoin miners plan major exit for AI

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