Core Scientific and IREN Pivot from Bitcoin Mining to AI Infrastructure
Major U.S.-listed Bitcoin miners Core Scientific (CORZ) and IREN are aggressively shifting their business models toward artificial intelligence infrastructure. Recent quarterly results show a significant decline in traditional Bitcoin mining revenue for both companies, offset by massive surges in colocation and AI cloud services. Core Scientific reported a jump in colocation revenue to $215.4 million, up from $15 million the previous year, while IREN's AI cloud revenue nearly tripled to $200 million following the activation of its Horizon 1 facility. This pivot comes as miners seek more stable revenue streams amidst Bitcoin price volatility and shifting market demands. The transition is gaining high-profile traction; notably, Microsoft has become a customer for IREN’s AI cloud services. While both companies face headwinds from recent tech sector selloffs and crypto liquidations, their long-term strategy focuses on repurposing power-hungry data centers to meet the soaring demand for AI computing workloads.
Topics: Artificial Intelligence Bitcoin Mining Cloud Computing Data Centers
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Part of the story Iren Reports $20 Billion Revenue Backlog and Tripled AI Cloud Revenue in Q1 2027 (4 articles)