Seventeen to one. That is roughly how much more Core Scientific earned last quarter renting data center space to AI customers than it made mining bitcoin. By January it plans to stop mining altogether. In Washington, voters handed both chambers of Congress to Democrats, and one of crypto’s loudest Senate critics is now in line to run the committee that writes its rules.
Core Scientific Sets Year-End Exit From Bitcoin Mining
Core Scientific, Inc. (Nasdaq: CORZ) reported third-quarter colocation revenue of $215.4 million on November 5, up nearly 60% from the prior quarter, on total revenue of $232.9 million. Bitcoin self-mining brought in $12.3 million, down from $21.5 million, and still ran at a $7.5 million gross loss. On the earnings call, management told investors it expects to finish winding down mining in the fourth quarter and enter 2027 as a pure-play colocation provider.
Most of the $1.2 billion in net income is paper. The release credits a non-cash $1.03 billion gain on the fair value of warrants and contingent value rights, a figure that moves with the share price. Adjusted EBITDA more than tripled to $133.6 million, at a 57% margin, up from 25%.
Capital expenditures reached $985.1 million in the quarter, and cash and equivalents fell to $803.9 million from $1.77 billion at the end of June. The stock closed November 4 at $12.76, a market cap of about $4.1 billion, ahead of the morning release.
IREN Limited (Nasdaq: IREN) is on the same road. Its fiscal first-quarter results, released after the close on November 5, showed bitcoin mining revenue down 58% to $28 million as AI cloud revenue jumped 182% to $200 million. The net loss was $263 million. IREN also moved its target of more than $4 billion in annualized revenue from year-end 2026 to January 2027, and a footnote warns it may stretch to the end of February.
Democrats Take Congress; Warren Expected to Chair Senate Banking
Democrats won control of both the House and the Senate in the November 3 midterms. Bitcoin slid overnight as results came in, then rose as much as 4.2% to just over $81,000 on November 4 as stocks rallied. The bounce lasted a day. Bitcoin fell back below $76,000 on November 5 when a chip-stock selloff hit the Nasdaq.
The bigger change is who holds the gavel. Senator Elizabeth Warren is expected to chair the Senate Banking Committee when the new Congress convenes in January 2027, following a November 5 Wall Street Journal report. Major crypto bills have had to clear that committee on the way to the Senate floor. Democrats still have to settle committee roles in the coming weeks.
The CLARITY Act failed a 49-50 procedural vote on September 15, and a bill that doesn’t pass before this Congress ends would likely have to start over in January. House Democrats are drafting an SEC-led crypto bill, and Stifel told clients Warren could open targeted investigations into crypto firms once she holds the gavel. The industry spent more than $300 million backing crypto-friendly candidates from both parties across this election cycle and the last one.
CORZ, IREN, Senate Banking: Forward-Looking FAQ
Very little. Digital assets fell to $2.7 million at September 30 from $49.7 million at June 30, after the company sold $286.8 million of self-mined digital assets in the first nine months of 2026.
The company’s own footnote says the target may extend to the end of February 2027. CEO commentary in the release tied the delay to a customer-requested design change and supplier timing.
Not from the chair. Her expected term starts in January 2027, but any market structure bill that hasn’t passed by then would likely need to be reintroduced, and as chair she would set the hearing calendar and decide which bills get a markup.
Sources
- Core Scientific / Business Wire: Core Scientific Announces Third Quarter 2026 Results, November 5, 2026
- Benzinga: Core Scientific Q3 2026 Earnings Call Transcript, November 5, 2026
- Market Chameleon: Core Scientific (CORZ) stock overview, data as of November 4, 2026
- GlobeNewswire / IREN: IREN Reports Q1 FY27 Results, November 5, 2026
- Reuters via Kitco: Crypto tracks stocks higher after Democrat midterm wins, November 4, 2026
- Bloomberg: Bitcoin Rebounds With Stocks Despite Threat to Crypto Agenda, November 4, 2026
- CryptoTicker: Crypto News This Week: Recap, Prices and Key Dates, November 7, 2026
- crypto.news: Crypto critic Elizabeth Warren expected to chair Senate Banking, November 6, 2026
- Crypto Times: Crypto Bill Faces New Hurdles as Elizabeth Warren Is Expected to Take Senate Banking Chair, November 6, 2026
- Bitcoin.com News: Crypto’s Toughest Critic Elizabeth Warren Set to Run Senate Banking, November 6, 2026
- CoinDesk: Crypto’s Biggest Senate Push Falls Flat as the Clarity Act Fails to Clear a Crucial Procedural Vote, September 15, 2026
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