Core Scientific Sells $208 Million in Bitcoin During Ongoing Shift Toward AI Services

Core Scientific, a major player in the crypto mining sector, has sold $208 million in bitcoin during the first quarter of the year. This move aligns with the company's ongoing pivot from traditional bitcoin mining to services supporting artificial intelligence (AI) infrastructure.

A key component of this shift involves a substantial contract expansion with CoreWeave, a cloud computing and AI infrastructure provider. This agreement reportedly involves a 590 megawatt (MW) commitment, projected over 12 years, and is expected to generate approximately $10.2 billion in revenue for Core Scientific, according to figures from the companies involved.

The transition signals a significant diversification of Core Scientific's business model, positioning the company to benefit from the growing demand for AI-related data center services while still participating in the cryptocurrency space. The company’s financial strategy—monetizing some of its bitcoin holdings—appears to support investments needed for this longer-term technology pivot.