Update
Core Scientific and TeraWulf Report Profits with Non-Cash Gains
Core Scientific and TeraWulf reported combined third-quarter profits of nearly $1.9 billion, including $1.76 billion in pretax non-cash gains from revaluing financial instruments. Core Scientific reported an operating profit of $72 million, while TeraWulf recorded an operating loss of $88 million. The companies shifted from Bitcoin mining to data-center hosting for AI customers, with hosting now supplying most of their revenue.