Key facts
- Core Scientific added 301 Bitcoin in Q2, bringing its total to 848 coins.
- The miner's Bitcoin holdings are now valued at over $54 million.
- Core Scientific sold Bitcoin earlier in the year to fund a transition to AI and high-powered computing.
- The company's Q2 revenue more than doubled to $164.2 million.
- Core Scientific signed a significant data center capacity deal with chipmaker AMD.
Core Scientific, a Nasdaq-listed Bitcoin miner, has significantly increased its Bitcoin holdings in the second quarter, adding 301 coins to reach a total of 848, valued at over $54 million. This marks a rebuilding of its treasury after aggressive selling earlier in the year to fund a strategic pivot towards the AI and high-powered computing industry.
The company's financial performance in Q2 showed a sharp rise in revenue to $164.2 million from $78.6 million in the same period last year, with gross profit jumping to $70 million from $5 million. This growth is partly attributed to its expansion into providing infrastructure for high-powered computing.
In a significant move, Core Scientific signed a deal with chipmaker AMD for 2.5 gigawatts of data center capacity, granting AMD access to over 500 megawatts of AI-ready capacity. This strategic diversification reflects a trend among Bitcoin miners to leverage their infrastructure for both digital asset minting and AI compute services, depending on profitability.
Operating data centers across multiple U.S. states, Core Scientific's transition into AI computing requires specialized expertise in areas like HVAC systems, differentiating it from traditional Bitcoin mining operations. The company's strategy of stacking Bitcoin again aims to strengthen its balance sheet and reduce reliance on external financing in a high-interest rate environment.