Bitcoin mining company Core Scientific has announced the acquisition of Polaris DS LLC, an Oklahoma-based Bitcoin miner, for $421 million. This strategic move enables Core Scientific to enter into a 440 MW power agreement with Oklahoma Gas & Electric, accelerating the expansion of its artificial intelligence (AI) operations. The transaction is expected to be completed in Q3 2026.
Strengthening AI Infrastructure
Alongside the acquisition, Core Scientific plans to upgrade its existing facilities in Texas, Georgia, North Carolina, and Oklahoma to support high-density hosting services for AI and high-performance computing (HPC) workloads. The company has also begun construction of a new 82.5 MW facility in Muskogee, Oklahoma, with the potential to offer up to 1 GW of leasable power capacity on the site.
Accelerating Transformation
As demand for AI surges, Bitcoin miners are leveraging their extensive power infrastructure and operational expertise to become key players in AI data center development. Core Scientific's move aligns with an industry trend highlighted by a recent Bernstein report, which noted that Bitcoin miners are emerging as strategic partners for AI due to their access to power and shorter construction cycles. The Polaris DS acquisition provides Core Scientific with immediately usable power assets, reducing the barriers to building new data centers.
Financial and Market Implications
The total consideration includes cash and assumed liabilities; specific terms were not fully disclosed. Core Scientific stated that the new power agreement will support exponential growth in its AI business line. The company is actively transitioning from a pure Bitcoin mining model to a hybrid business serving both cryptocurrency and AI clients. Market analysts believe such acquisitions will further validate the strategic value of Bitcoin miners in the compute-driven era.