Core Scientific has announced that it’s looking to raise $3.3 billion through senior secured notes as it shifts its business away from Bitcoin mining.
Core Scientific Is Transitioning From Bitcoin To AI Data Centers
According to a press release, Core Scientific’s finance subsidiary is planning to offer $3.3 billion in senior secured notes in a private offering to institutional investors. Originally a Bitcoin miner, Core Scientific has been making a push into the high-density colocation (HDC) business, offering data centers to AI companies.
In March, the firm revealed that it sold $175 million in BTC and that it planned to monetize on its remaining Bitcoin holdings as well. Core Scientific also announced that it’s no longer anticipating entering into large-scale BTC mining purchase agreements, further indicating its shift away from the space.
The company currently operates ten facilities across the United States. Not all of them are part of Core Scientific’s HDC infrastructure, but the firm is in the process of repurposing the non-HDC facilities. Once the shift is finished, Core will have essentially exited the digital mining industry.
As of the end of 2025, the company’s Bitcoin mining computing power (known as Hashrate) amounts to 17.90 EH/s, making it the ninth largest public miner.
The top 10 BTC mining companies based on Hashrate | Source: BitcoinMiningStock
Though given the pivot that Core Scientific has been making, it’s possible that it has further decommissioned its Hashrate in these first few months of 2026, so its real ranking could be lower.
Core isn’t the only Bitcoin mining company that has been pivoting to the AI and high-performance computing (HPC) business. In fact, many of the big miners have announced a push into the space to some degree.
As reported by Bitcoinist, 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 for 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 in the process of 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.
The trend in the 7-day average value of the BTC Hashrate over the past year | Source: Blockchain.com
BTC Price
At the time of writing, Bitcoin is trading around $78,100, up more than 5% over the past week.
Looks like the price of the coin has been climbing in recent days | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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