Bitcoin miners pivot to AI hosting (2023–2024)
Core Scientific filed for Chapter 11 bankruptcy in December 2022 after crypto prices collapsed, then emerged in January 2024 and signed a multibillion-dollar deal with CoreWeave to host AI graphics processing units at its power sites.
Core Scientific's pivot became a template for bitcoin miners to monetize their power infrastructure by renting it to AI companies instead of hashing bitcoin.
Power capacity, not land or hardware, became the scarce asset that miners could sell to AI firms.
TeraWulf, which local coverage still describes as a bitcoin mining company, is executing the same pivot at Muskie — buying and contracting power infrastructure to host AI and high-performance computing workloads.
