Core Scientific issuing $3.3 billion in senior secured bonds is a pretty big move. Due in 2031, the company says it will use almost all of its assets as collateral. They seem to be using the proceeds to repay short-term borrowings, but at the same time, it looks like they’re making a serious shift toward an AI-focused hosting business. Other major mining firms like Riot Client are also pivoting their operations, but Core Scientific will likely use this financing to accelerate the expansion of its data centers. What’s particularly interesting is their plan to sell nearly all of their Bitcoin by 2026—meaning they’re turning the wheel toward earning revenue through hosting services rather than mining. It’s the kind of news that makes you feel the entire mining industry is changing.