--- title: Core Scientific Acquires Polaris Bitcoin Mine for $421 Million Amid AI Transition canonical: https://mining-provider.com/core-scientific-acquires-polaris-bitcoin-mine-for-421-million-amid-ai-transition/ author: Mining Provider Editorial Staff published: 2026-05-07 updated: 2026-05-07 language: en category: News description: Hut 8 has secured a $9.8 billion data center contract, highlighting its shift towards AI operations amid rising liquidation of Bitcoin by miners due to low profit margins. source: Provimedia GmbH --- # Core Scientific Acquires Polaris Bitcoin Mine for $421 Million Amid AI Transition > **Autor:** Mining Provider Editorial Staff | **Veröffentlicht:** 2026-05-07 **Zusammenfassung:** Hut 8 has secured a $9.8 billion data center contract, highlighting its shift towards AI operations amid rising liquidation of Bitcoin by miners due to low profit margins. --- ## Core Scientific Acquires Bitcoin Mine Polaris for $421 Million Core Scientific (NASDAQ: CORZ) is expanding its presence in Oklahoma through the acquisition of a neighboring Bitcoin mining operation valued at $421 million. The company is working diligently to build gigawatt-scale power capacities for customers in AI and high-performance computing. This acquisition is part of a broader strategy to enhance its energy infrastructure, with plans to increase its gross power capacity to approximately 1.5 gigawatts and a rentable capacity of about 1 gigawatt. The acquisition of Polaris DS LLC, which controls 440 megawatts of contracted power through Oklahoma Gas & Electric, is central to this expansion. The site is already operational, allowing Core Scientific to potentially shorten delivery times for future AI customers compared to greenfield projects that can take years to secure utility approvals and access to the transmission grid. > "The expansion in Muskogee represents a multi-tiered scaling strategy that combines acquisitions, development expertise, and power supply solutions," said CEO Adam Sullivan. Core Scientific has also begun construction on a second, currently unleased 82.5 MW building on the Muskogee campus, expected to be completed in Q4 2027. The existing 70 MW facility, designed for Nvidia's GB300 platform, is scheduled to be handed over to a customer in Q2 2026 after final testing and commissioning. In summary, Core Scientific's acquisition of Polaris marks a significant step in its strategy to transition from Bitcoin mining to AI-focused infrastructure, reflecting a broader trend in the industry. **Key Takeaways:** - Core Scientific acquires Polaris for $421 million. - Plans to increase power capacity to 1.5 gigawatts. - Construction of a new 82.5 MW facility underway. ## Bitcoin Miners Report Rising Losses Amid AI Transition Bitcoin miners, including Hut 8, Core Scientific, and American Bitcoin, reported increasing net losses in Q1 2026, driven by declining Bitcoin prices and market pressures. Hut 8 reported a net loss of $253.1 million, significantly up from $134.3 million in the same period last year, primarily due to unrealized losses on digital assets. Core Scientific reported a net loss of $347.2 million, largely attributed to non-cash write-downs of $266.5 million. The losses reflect a broader trend in the sector, as miners face challenges in profitability due to falling Bitcoin prices and increased operational costs. American Bitcoin, co-founded by Eric Trump, reported a net loss of $81.8 million, with significant contributions from losses on digital assets. Despite these challenges, the company managed to produce Bitcoin with a gross margin of 52%, indicating improved cost management. In conclusion, the transition to AI-focused operations is becoming increasingly critical for Bitcoin miners as they navigate financial losses and market volatility. **Key Takeaways:** - Hut 8 reported a net loss of $253.1 million in Q1 2026. - Core Scientific's losses reached $347.2 million. - American Bitcoin's costs per mined Bitcoin decreased to $36,200. ## Core Scientific Sells $208 Million in Bitcoin While Continuing AI Strategy Core Scientific (CORZ) reported a loss of $347.2 million in Q1 2026, despite revenue rising to $115.2 million. The company sold 2,385 Bitcoin for $208.3 million, using the proceeds to fund capital expenditures and liquidity needs. The company’s revenue from crypto mining fell to $30.1 million, down from $67.2 million, due to a 45% decrease in mined Bitcoin and an 18% drop in the average Bitcoin price. Core Scientific is transitioning from crypto mining to AI-focused data center operations, with colocation revenue increasing significantly. In summary, Core Scientific's strategic shift towards AI infrastructure is evident as it continues to sell Bitcoin to support its operational transition. **Key Takeaways:** - Core Scientific sold $208 million in Bitcoin in Q1 2026. - Revenue from crypto mining decreased to $30.1 million. - Colocation revenue surged to $77.5 million. ## American Bitcoin Reports Cost Reduction Amid Industry Shift to AI American Bitcoin (ABTC) reported a 23% reduction in mining costs per Bitcoin in Q1 2026, bringing the cost down to approximately $36,200. This is significantly lower than the average cost of publicly traded miners, which is around $80,000 per Bitcoin. The company’s revenue for the quarter was $62.1 million, down from $78.3 million in the previous quarter. Despite a net loss of $81.8 million, American Bitcoin added 1,620 Bitcoin to its strategic reserve, increasing its holdings to approximately 7,021 BTC. In conclusion, American Bitcoin's ability to reduce costs while navigating losses highlights its strategic focus on maintaining profitability amid industry challenges. **Key Takeaways:** - American Bitcoin reduced mining costs to $36,200 per Bitcoin. - Revenue decreased to $62.1 million in Q1 2026. - Added 1,620 Bitcoin to its reserves, totaling 7,021 BTC. ## Colombia Aims to Mine Bitcoin with Surplus Renewable Energy Colombian President Gustavo Petro has proposed that the Caribbean coast of Colombia could host Bitcoin mining facilities powered by the country's surplus renewable energy. This initiative aims to follow a similar path as Paraguay, which has successfully utilized its renewable energy for mining. Petro's plan includes granting co-ownership of potential mining projects to the indigenous Wayúu community, presenting it as a significant development opportunity for the region. Colombia generates up to 75% of its electricity from renewable sources, making it a viable candidate for sustainable Bitcoin mining. In summary, Colombia's initiative to leverage renewable energy for Bitcoin mining could position the country as a competitive player in the global mining landscape. **Key Takeaways:** - Colombia aims to utilize surplus renewable energy for Bitcoin mining. - President Petro proposes co-ownership for the Wayúu community. - Colombia generates up to 75% of its electricity from renewable sources. ## Hut 8 Secures $9.8 Billion Data Center Contract Amid AI Strategy Acceleration Hut 8 has announced a $9.8 billion contract for a data center, marking a significant step in its transition towards AI-focused operations. This announcement coincides with a record liquidation of Bitcoin by public miners, who sold over 32,000 BTC in Q1 2026. The trend of miners liquidating their Bitcoin holdings is driven by historically low profit margins and increased operational costs. Hut 8's stock surged nearly 32% following the announcement, reflecting investor confidence in its strategic pivot. In conclusion, Hut 8's substantial data center contract underscores the ongoing shift in the mining industry towards AI and high-performance computing. **Key Takeaways:** - Hut 8 secured a $9.8 billion data center contract. - Public miners liquidated over 32,000 BTC in Q1 2026. - Hut 8's stock rose nearly 32% post-announcement. Sources: - [Core Scientific erwirbt die Bitcoin-Mine Polaris für 421 Millionen Dollar – Ausbau der KI-Stromversorgung in Oklahoma](https://news.bitcoin.com/de/core-scientific-erwirbt-die-bitcoin-mine-polaris-fuer-421-millionen-dollar-ausbau-der-ki-stromversorgung-in-oklahoma/) - [Bitcoin-Miner: Verluste im ersten Quartal steigen, während KI-Umstellungen zunehmen](https://de.beincrypto.com/bitcoin-miner-q1-verluste-ai-pivot/) - [Core Scientific verkaufte im ersten Quartal Bitcoin im Wert von 208 Millionen US-Dollar, während die KI-Strategie fortgesetzt wird](https://cryptonews.net/de/news/mining/32824049/) - [Die von der Familie Trump unterstützte American Bitcoin verzeichnete im ersten Quartal einen Kostenrückgang von 23 %, da die Mining-Branche auf KI umsteuert](https://cryptonews.net/de/news/bitcoin/32823014/) - [Kolumbien möchte Bitcoin mit überschüssiger erneuerbarer Energie minen](https://www.coindesk.com/de/tech/2026/05/06/colombia-wants-to-mine-bitcoin-with-surplus-renewable-energy) - [Hut 8 sichert sich 9,8 Milliarden Dollar schweren Rechenzentrumsauftrag, während Bitcoin Miner ihre KI-Strategie beschleunigen](https://www.cryptopolitan.com/de/hut-8-9-8-billion-data-center-bitcoin-miners/) --- *Dieser Artikel wurde ursprünglich veröffentlicht auf [mining-provider.com](https://mining-provider.com/core-scientific-acquires-polaris-bitcoin-mine-for-421-million-amid-ai-transition/)* *© 2026 Provimedia GmbH*