According to CoinMeta, Core Scientific is undergoing a transformation from a bankrupt Bitcoin miner to a provider of artificial intelligence infrastructure in the United States. In the second quarter of 2026, the company reported approximately 1.1 gigawatts of leased power capacity from customers and potential revenue of over $24 billion, mainly from long-term contracts. The financial report on July 28th showed that high-density co-location has become the company's largest business, contributing $136.7 million in quarterly revenue. Nevertheless, the $24 billion in revenue is not cash income or guaranteed profits, but rather potential revenue distributed over 15-year contracts. Core Scientific still faces challenges in rebuilding facilities, ensuring timely delivery capabilities, and maintaining customer operations. The company filed for bankruptcy protection in December 2022 due to falling Bitcoin prices and rising electricity costs. After reorganization, Core Scientific reduced its debt by about $400 million and retained an operating capacity of 724 megawatts. The company signed a 12-year agreement with CoreWeave, with the initial contract expected to generate over $3.5 billion in revenue.