Core Scientific vows to raise a very grand $3.3 billion in senior secured notes, all very official, as it tucks Bitcoin mining into the back pocket and strides toward AI data centers.
Core Scientific Gets Dramatic About Moving From Bitcoin to AI Data Centers
According to a press release-the kind of corporate flutter that counts as news in a blazer-Core Scientific’s finance arm plans to offer $3.3 billion in senior secured notes in a private offering to institutional investors. Once a Bitcoin miner, the company has been flirting with high-density colocation, offering shiny data centers to AI outfits.
In March, the firm confessed it dumped $175 million in BTC and hinted it would monetize the rest of its Bitcoin stash too-because nothing says “sound business” like cashing out mid-optimism. It also told us it isn’t planning any heroic large BTC mining purchase agreements, which, frankly, is a relief to anyone who pretends to understand risk.
The company currently operates ten facilities across the United States. Not all of them are gleaming HDC palaces, but the plan is to repurpose the non-HDC ones. When the refresh is finished, Core will have essentially exited the digital mining party.
As of the end of 2025, the company’s Bitcoin mining computing power (Hashrate) stands at 17.90 EH/s, making it the ninth largest public miner.
Given the pivot, it’s possible it has further decommissioned its Hashrate in early 2026, so its real ranking could be lower.
Core isn’t the only Bitcoin mining company pivoting toward AI and HPC. In fact, many of the big miners have announced a push into the space to some degree.
As Bitcoinist reported, Capriole Investments founder Charles Edwards has estimated that BTC mining revenue for the major public miners will drop from a share of 90% to just 30% within the next 2-3 years, with AI making up the majority of the income for these firms.
Bitcoin miners are making the move toward AI as they believe it could be more lucrative than digital asset mining. The CEO of Bitfarms, another company winding down its BTC mining business, provided a look into just how transformative the firm believes AI could be for its revenue, noting:
Despite being less than 1% of our total developable portfolio, we believe that the conversion of just our Washington site to GPU-as-a-Service could potentially produce more net operating income than we have ever generated with Bitcoin mining.
Since October 2025, the global Bitcoin mining Hashrate has observed a drawdown, but given that the drop has been of just 11%, it’s likely that the cause behind the miner pullback has been the decline in BTC’s price, rather than a migration from miners to the AI industry.
BTC Price
At the time of writing, Bitcoin is trading around $78,100, up more than 5% over the past week.
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2026-04-23 10:57