Core Scientific reported Q2 earnings Wednesday, showing it held 848 Bitcoin at quarter end — a net addition of 301 coins despite a prior strategy of selling. The miner also signed a major deal with AMD for 2.5 gigawatts of data center capacity, signaling a deeper push into AI infrastructure.
848 Bitcoin and counting
The company started 2025 with 2,537 Bitcoin but sold aggressively through the first half of the year to fund its AI transition. That changed in Q2. Core Scientific added 301 Bitcoin to its balance sheet, bringing the total to 848 coins worth over $54 million at current prices. Revenue for the quarter hit $164.2 million, more than double the $78.6 million from a year ago. Gross profit jumped to $70 million from just $5 million in Q2 2024.
From mining to AI: the AMD deal
The AMD agreement covers 2.5 GW of data center capacity, including over 500 megawatts designated as AI-ready. Core Scientific operates facilities in Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma, and Texas. The company is pivoting to high-powered computing and AI workloads while continuing to mine Bitcoin — a balancing act many miners are attempting as mining difficulty rises and AI demand surges.
Why sell now?
Selling Bitcoin reduces the need for equity issuance or borrowing, especially in a high-interest-rate environment. Core Scientific's aggressive sales earlier this year helped fund the AI buildout without taking on more debt. The Q2 addition suggests the company sees room to hold some coins again, but the priority remains clear: AI infrastructure, not a Bitcoin treasury.
The cooling challenge
Transitioning to AI data centers isn't plug-and-play. AI workloads require more advanced HVAC systems than Bitcoin mining rigs. Core Scientific's existing sites need retrofitting, and the AMD deal likely accelerates that process. The company's shares fell about 2% on the day of the filing — a modest move that suggests investors are still weighing the costs of the pivot against the potential payoff.
Core Scientific's next quarterly report will show whether the AI revenue is already starting to flow.
