Bitcoin miner Core Scientific shifts to AI with 1.5GW data center push

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Core Scientific shares are up 44% YTD. Source: Yahoo! Finance The company has also secured an additional 300 megawatts of power under contract with its utility provider, while outlining plans for further expansion through a behind-the-meter solution. Aside from Core Scientific, other miners are also exploring alternative revenue streams as mining margins tighten, with a focus on AI. In February, MARA Holdings acquired a 64% stake in French infrastructure company Exaion, expanding into AI services. Other miners, including Hive, Hut 8, TeraWulf and Iren, are also repurposing mining facilities into data centers. Related: CoreWeave shows how crypto-era infrastructure quietly became AI’s backbone To support the buildout, Core Scientific said it has acquired more than 200 acres of land in the area. Last week, the company also announced plans to raise $3.3 billion through senior secured notes due 2031 to fund data center expansion across Georgia, Texas, North Carolina and Oklahoma. The move follows a separate $1 billion credit facility secured from Morgan Stanley in March. Core Scientific has historically generated most of its revenue from mining digital assets, but has been increasing its focus on infrastructure services. The company operates facilities across several US states, including Texas, Georgia and North Carolina. Related: Core Scientific Q4 Earnings Miss Moves Shares Lower As Cointelegraph reported, Alcoa is close to selling its long-dormant Massena East smelter in upstate New York to Bitcoin mining firm NYDIG, with the deal expected to close by the middle of the year. The plant has sat unused since 2014, when it was shut down due to high energy costs and global competition. Earlier this year, Century Aluminum also sold its Hawesville smelter in Kentucky for $200 million to crypto miner TeraWulf, which plans to convert it into a high-performance computing and AI facility. Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt

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