On March 4th, Bitcoin mining company Core Scientific disclosed that it is selling part of its Bitcoin reserves to fund its transition into artificial intelligence and high-performance computing (HPC) infrastructure. According to the company’s latest 10-K filing, between December 2025 and February 2026, it has sold a total of 1,924 Bitcoins, generating approximately $176 million in cash.
On-chain data platform Bitcoin Treasuries shows that Core Scientific still holds about 613 Bitcoins, worth around $42 million. Meanwhile, the company plans to transform its data center in Pecos, Texas, from traditional Bitcoin mining operations to a hosting facility to meet the growing demand for AI computing power.
Industry experts believe this adjustment reflects a shift in the business model of Bitcoin mining companies. As energy costs rise and mining profit margins decline, more miners are exploring new revenue streams such as data centers, AI hosting, and high-performance computing. Previously, several mining companies, including CleanSpark, Riot Platforms, and IREN, have initiated similar strategic transformations.
At the same time, the reduction of reserve assets by Bitcoin mining firms has prompted the market to reassess the sustainability of the “Digital Asset Treasury (DAT)” model. Another major miner, MARA Holdings, recently adjusted its asset strategy to allow the sale of Bitcoin on its balance sheet, indicating a significant change from its previous long-term HODL strategy.
Market analysts note that, in the context of Bitcoin’s failure to reach new all-time highs, some companies are placing greater emphasis on cash flow and capital efficiency. Currently, Bitcoin is priced at around $68,000, down about 11% over the past month and nearly 27% over the past three months.
However, not all companies are reducing their holdings. The publicly traded company Strategy (formerly MicroStrategy), which holds the largest Bitcoin position, continues to adhere to its long-term HODL strategy. Its founder, Michael Saylor, recently reiterated that the company is still buying Bitcoin. Nonetheless, the company’s CEO, Phong Le, previously acknowledged that in extreme market conditions, the company might theoretically sell some of its Bitcoin reserves to manage liquidity risks.
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Miners are no longer mining Bitcoin; they are selling electricity to AI.
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Mining one Bitcoin costs $87,000. When sold, the market only pays you $67,000.
For each Bitcoin mined, you net a loss of $20,000. It’s not just losing on fees or electricity fluctuations; it’s a solid loss—losing $20,000 for every Bitcoin produced. This is the reality in March 2026. Data from Glassnode and MacroMicro both point to the same conclusion: Bitcoin mining, at current prices, is a losing business.
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