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 CentersThe 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.
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.
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.
At the time of writing, Bitcoin is trading around $78,100, up more than 5% over the past week.
