The clearest documented link between cryptocurrency and AI is physical, not financial: both need large amounts of electricity and data center space, and at least one public Bitcoin miner is converting sites to host AI computing for a customer. Core Scientific's annual report for 2025 says it had about 1.4 gigawatts (GW) of gross utility power across ten data centers, and that one customer, CoreWeave, accounted for all of its colocation revenue. Nothing in that filing shows that crypto coins and AI models improve each other.
Key takeaways
- Core Scientific reported about 1.4 GW of gross power and about 920 megawatts (MW) of leasable customer capacity at the end of 2025.
- Its colocation segment sells space, power, and cooling, while customers deploy and manage their own hardware.
- The filing states that most 2025 revenue still came from mining digital assets for its own account.
- CoreWeave contributed 100 percent of colocation revenue, a concentration the company lists as a risk.
- One company's filing cannot be generalized to every miner, and none of this is investment guidance.
What one miner's annual report shows
Core Scientific files annual reports with the U.S. Securities and Exchange Commission. Its Form 10-K for 2025 says that on December 31, 2025 the company owned or leased ten data centers in seven states, with about 1.4 GW of gross utility power and about 920 MW of total leasable customer capacity. The gap between the two numbers is a reminder that power coming into a site is not the same as power a customer can use.
The same filing counts roughly 151,400 bitcoin miners deployed at year end, of which about 135,500 belonged to the company and about 15,900 were hosted for others. Together they represented 15.7 exahash per second for the company's own machines and 2.2 for hosted ones. Mining therefore remained the larger activity by the company's own description: it states that it derived the majority of 2025 revenue from earning digital assets for its own account.
How colocation differs from mining
In mining, the company runs its own machines and earns coins. In colocation, it provides space, power, cooling, facility operations, and security to a third party, and the filing's industry background says customers deploy and manage their own hardware. That is a leasing business with contracts that, per the filing, commonly have initial terms of 10 years or more.
The filing says CoreWeave's leased capacity under the relationship rose to approximately 590 MW, and that CoreWeave currently accounts for 100 percent of colocation revenue. It adds that the segment's success is highly dependent on CoreWeave. The company also says it intends to convert every megawatt in its portfolio to high-density colocation infrastructure over three years, while continuing to mine during the conversion.
A rough sense of scale
An illustrative calculation puts the 590 MW in terms of energy. If that capacity ran at full draw for every hour of a year, it would use about 5.2 terawatt-hours (590 megawatts times 8,760 hours). Actual use would be lower while buildings are still under construction, so the number marks an upper bound for a fully built, fully loaded site.
| Figure in the filing | Value | What it measures |
|---|---|---|
| Data centers owned or leased | 10 in seven states | Sites, built or in development |
| Gross utility power | About 1.4 GW | Electricity supply to the sites |
| Leasable customer power | About 920 MW | Capacity that customers can use |
| Capacity tied to CoreWeave | About 590 MW | Leased capacity under one customer relationship |
| Bitcoin miners deployed | About 151,400 | Own and hosted machines combined |
Risks the company itself names
A reader can learn more from the risk factors than from any commentary. The filing says the halving of Bitcoin rewards has had, and in the future could have, a negative effect on the company's ability to generate revenue. It also names dependence on one customer. These are the company's own statements about its business, and they show why a shift toward AI hosting is a business decision made under pressure from mining economics, not proof of a deeper technical bond between the two fields.
Reading similar claims elsewhere
- Check whether a statement refers to power coming into a site, capacity a customer can lease, or electricity actually consumed.
- Look for the customer count; one dominant tenant changes the risk picture.
- Separate hosting contracts from claims that a coin or token "uses AI," which need their own evidence.
- Prefer annual reports and quarterly filings over press summaries, and note the filing date.
This page reports what one company disclosed. It does not predict prices, recommend any security or digital asset, or suggest that mining or hosting is a good business. Digital assets and the companies tied to them can lose value quickly, and questions about personal finances belong with a registered adviser and the regulator's own materials.
FAQ
Are AI and cryptocurrency technically connected?
Not by design. Each can use the same buildings and electricity, but the filing examined here describes a leasing arrangement, not a shared technology.
Does converting a mining site to AI hosting mean miners are abandoning Bitcoin?
Not according to this filing. The company says it will keep mining during the conversion and that mining still produced most of its 2025 revenue.
Does the 10-K say whether mining machines can run AI workloads?
No. It describes customers deploying their own hardware, and it does not address reuse of mining equipment.
Is one company's report typical of the industry?
It cannot be assumed. Other miners have different sites, customers, and contracts, and each has to be read in its own filings.
Related reading
- Where AI and cryptocurrency differ
- Problems that surround Bitcoin
- Common cryptocurrency pitfalls
- AI fintech in Canada
More in AI in finance.
Last verified: October 2026
Sources
- Core Scientific, Inc., Form 10-K for the fiscal year ended December 31, 2025, U.S. Securities and Exchange Commission, 2026