Core Scientific signs 529 MW AMD AI deal as mining margins turn negative
The Bitcoin miner-turned-data-center operator said high-density colocation drove second-quarter growth, while self-mining posted a $12.2 million gross loss and the company took a $41.9 million hit to exit a Block hardware contract.
Core Scientific said second-quarter results highlighted its accelerating shift from Bitcoin mining toward AI and high-performance computing infrastructure. The company announced 15-year AMD-linked data-center agreements covering about 529 megawatts across multiple U.S. sites, with more than $14 billion in potential base contracted revenue and a broader framework that could expand to roughly 2.5 gigawatts over time. At the same time, its self-mining business generated $21.5 million of revenue against $33.7 million of cost of revenue, producing a negative 56% gross margin and a $12.2 million segment gross loss, while high-density colocation produced $136.7 million of revenue and $80.0 million of gross profit. Core Scientific also recorded a $41.9 million loss after terminating a mining equipment agreement with Block and Proto Global, for which it had prepaid at least $67.9 million.
- high-density colocation: Powered data-center capacity leased to customers running intensive computing workloads such as AI.
- gross margin: Revenue minus direct costs, expressed as a percentage of revenue.
- contracted revenue: Expected revenue tied to signed customer agreements over their term.