Core Scientific, once a leading Bitcoin mining company, is almost finished with its mining business: 1. Q3 total revenue was approximately $233 million, with AI high-density hosting contributing $215.4 million, a nearly 60% increase quarter-over-quarter; revenue from its own mining and mining for others totaled approximately $17.5 million, accounting for only 7.5% of total revenue; 2. The number of online mining rigs is nearly half that of the end of last year, and management plans to end the mining business in Q4 and completely transition to pure hosting data centers by 2027; 3. The total hashrate contracts signed with CoreWeave and AMD amount to approximately 1.1GW. The electricity originally used for Bitcoin mining is being redirected to AI services. Previously, it was stated that institutional investment in hashrate has not stopped, and the revenue structure of mining companies confirms this.