Two Bitcoin miners reported nearly $2 billion in profit. The biggest boost wasn’t cash

Core Scientific and TeraWulf reported nearly $1.9 billion of combined third-quarter profit as they shifted from Bitcoin mining toward data-center hosting for AI customers. Their earnings included $1.76 billion of pretax non-cash gains from revaluing financial instruments. The November 5 Core Scientific disclosure and November 6 TeraWulf disclosure show different operating outcomes for the quarter ended September 30, 2026. Core earned $72 million in operating income under U.S. accounting rules; TeraWulf recorded an $88 million operating loss. Core's operating result itself included a $19 million digital-asset fair-value gain. Hosting now supplies most of both companies' revenue, following their shift from Bitcoin mining toward computing leases . Assessing whether the conversions fund themselves requires the separate cash-flow and financing disclosures.

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