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Core Scientific has announced plans to raise $3.3 billion through senior secured notes as it shifts its business away from Bitcoin mining and toward AI-focused data center operations.
According to a press release, Core Scientific’s finance subsidiary plans to offer $3.3 billion in senior secured notes in a private offering to institutional investors.
The company, which previously operated as a Bitcoin miner, has been expanding into high-density colocation (HDC), providing data centers to AI companies.
In March, Core Scientific said it sold $175 million in BTC and planned to monetize its remaining Bitcoin holdings. The company also stated it is no longer expecting to enter into large-scale BTC mining purchase agreements, signaling a further move away from mining.
Core Scientific currently operates ten facilities across the United States. While not all of these sites are part of its HDC infrastructure, the company said it is repurposing non-HDC facilities. Once the transition is complete, it expects to have effectively exited the digital mining industry.
As of the end of 2025, Core Scientific’s Bitcoin mining computing power (hashrate) was 17.90 EH/s, placing it as the ninth largest public miner.
The article notes that, given the pivot underway, Core Scientific may have decommissioned some hashrate in early 2026, which could affect its ranking.
Core Scientific is not the only Bitcoin miner pursuing AI and high-performance computing (HPC). Several large miners have announced moves into the sector.
Charles Edwards, founder of Capriole Investments, estimated that BTC mining revenue for major public miners could fall from a 90% share to 30% over the next 2–3 years, with AI expected to account for most of the income for these firms.
The article also cites Bitfarms’ CEO, who described the potential revenue impact of AI services as the company winds down its BTC mining business. The CEO said:
“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 seen a drawdown of 11%. The article suggests this pullback is more likely tied to declines in Bitcoin’s price than to a migration of miners to AI.
At the time of writing, Bitcoin was trading around $78,100, up more than 5% over the past week.
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