Core Scientific's Pivot from Bitcoin Mining
Core Scientific, one of the largest public Bitcoin miners, has filed its annual report with the US SEC, outlining a strategic shift toward AI compute business.
Originally focused on Bitcoin mining, the firm ended 2024 with 20.1 EH/s hashrate, which dropped to 17.9 EH/s in 2025 as AI expansion took precedence.
The company remains among the top 10 public BTC miners per BitcoinMiningStock data, though expansions have halted in favor of AI infrastructure.
Liquidation of Bitcoin Holdings
Core Scientific expects to monetize substantially all Bitcoin holdings during 2026, with most sales in Q1.
Sales have begun: the firm announced in its Q4 2025 earnings call the sale of over 1,900 BTC for $175 million in January, leaving 630 BTC.
Proceeds are not earmarked for mining, as the company redirects capital allocation.
Aside from the miners received in 2025 and those expected from Block, we do not anticipate entering into new large-scale bitcoin mining equipment procurement agreements as we continue to shift capital allocation toward HDC infrastructure.
Industry-Wide Shift to AI and HPC
The pivot to high-performance computing (HPC) and AI datacenters is evident across Bitcoin mining firms.
Bitdeer, Cango, and Bitfarms—ranked first, fifth, and tenth on the top 10 list— are all transitioning.
Bitfarms plans to wind down mining facilities over 2026-2027 for a complete exit.
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.
Bitcoin Price Update
At the time of writing, Bitcoin trades around $68,200, reflecting a more than 6% increase over the past week.
