Just caught Core Scientific's earnings and it's a rough miss - Q4 revenue came in at $79.8M versus the $122M consensus call, and losses widened to $0.42 per share. The halvening back in April 2024 really hit the miners hard, and with network hash rates climbing plus energy costs staying elevated, profitability is getting squeezed across the board.

What's interesting though is how they're pivoting the business model. CEO Adam Sullivan is pushing hard into hosting and colocation services for AI and high-performance computing workloads. They're scaling up capacity significantly - talking about adding 430 megawatts of power in Texas alone, plus another 300 megawatts across other regions. The company is building toward a 1.5 gigawatt pipeline of leasable capacity, which is a pretty aggressive move from pure self-mining to infrastructure services.

Meanwhile Riot Platforms absolutely crushed it with $647.4M in Q4 revenue, way above the $157M forecast. So we're seeing this weird divergence where some miners are struggling with the margin squeeze while others are posting monster numbers. The market didn't really react much to either stock in after-hours, but the narrative shift toward megawatt-scale hosting and AI infrastructure is definitely worth watching as the sector evolves beyond just bitcoin mining.