Core Scientific Bets on AI: Transforming 300MW Bitcoin Mine into AI Data Center with Expansion Goal of 1.5GW

On April 28, American Bitcoin mining company Core Scientific announced plans to upgrade its mining facility located in Pecos, Texas, into a high-density data center park focused on AI, with a total power capacity target of 1.5GW, of which approximately 1GW will be available for external leasing. Core Scientific stated that around 300MW of power resources originally allocated for Bitcoin mining have been reallocated to the AI data center business, with the first data center facility’s infrastructure already completed and the initial computing capacity expected to go live in early 2027. Meanwhile, the company has also secured an additional 300MW power contract and plans to further expand through a behind-the-meter power supply scheme. To support this construction, Core Scientific has purchased over 200 acres of land locally. Additionally, Core Scientific announced last week its intention to issue $3.3 billion in senior secured notes maturing in 2031 to finance the expansion of data centers in Texas, Georgia, North Carolina, and Oklahoma. In March of this year, the company also secured a $1 billion credit line from Morgan Stanley. As Bitcoin mining profits come under pressure, an increasing number of mining companies are transitioning to AI infrastructure. Previously, MARA Holdings acquired a 64% stake in French infrastructure company Exaion to expand into AI services; companies like Hut 8, TeraWulf, and Hive Digital Technologies are also converting their mining facilities into AI data centers.