Bitcoin Miner Core Scientific Pivots to AI Infrastructure With 1.5GW Data Center Plan

Core Scientific, originally focused on Bitcoin mining, is converting its 1.5 GW mining site in Texas and facilities across four states into AI computing infrastructure. It is also building six data centers to lease to CoreWeave. The 12-year leases are expected to generate about $10 billion in revenue, forming a key part of its strategy to reduce exposure to mining-cycle risks.

As of July 19, 2026, Core Scientific plans to issue $3.3 billion in high-yield bonds to fund the construction and expansion of its AI data centers. The related expansion is estimated to cost $4 billion. The funding will support delivery of the six facilities and fulfillment of the CoreWeave leases, but will also increase interest costs and refinancing pressure.

Core Scientific, originally focused on Bitcoin mining, has gradually redirected its existing power and data center assets toward AI high-performance computing (HPC) amid volatile mining revenue and rising energy costs. The move could improve infrastructure utilization and reflects a growing trend among miners competing to meet demand for AI computing capacity.

Core Scientific announced in July 2026 that it had expanded its strategic financing facility from $500 million to $1 billion, with JPMorgan providing an additional $500 million. The new funding will be used to purchase AI servers and convert existing mining facilities into HPC data centers, accelerating the company's transformation into an AI infrastructure provider.

Core Scientific was originally focused on Bitcoin mining, but volatility in the computing-power market and rising demand for AI computing have prompted it to shift existing power capacity, facilities and capital toward AI data centers and high-performance computing (HPC) hosting services. Selling crypto assets provides funding for the transition and also reflects the company's efforts to reduce its reliance on mining revenue.

Core Scientific sold about 1,900 Bitcoin in January for $175 million, at an average price of approximately $92,100 per coin. The latest report further showed that the company sold a total of $208 million in Bitcoin during the first quarter. The proceeds will be used to accelerate construction of AI data centers as the company continues to scale back its Bitcoin mining business.

Hut 8 was originally focused on Bitcoin mining but has begun redirecting its power and data center assets toward AI computing in recent years as cryptocurrency price volatility, energy costs and pressure on mining profitability weighed on the business. The company spun off its mining operations into American Bitcoin Corp, allowing the parent company to focus on high-performance computing infrastructure. The move reflects a broader shift among miners seeking more stable, long-term revenue.

Hut 8 has signed a long-term data center lease worth a total of $7 billion with AI cloud platform Fluidstack and plans to begin providing infrastructure services for Anthropic in 2027. Despite posting a net loss of $240 million last year, management is betting on power supply, campus development and rental income from long-term contracts to transform Hut 8 from a Bitcoin miner into an AI data center developer.