Core Scientific rejected a merger proposal of $9 billion: a signal of the restructuring of the mining industry.

My antenna caught an interesting signal — Core Scientific rejected CoreWeave's merger proposal worth $9 billion. It looks like a failed M&A deal, but behind this lies a radical shift in the entire mining ecosystem.

Why did they say NO to big capital?

The logic of CoreWeave was simple: to gain access to 1.3 GW of Core Scientific capacity, plus 1 GW for expansion, and to repurpose this infrastructure for AI and high-performance computing. On paper, it all makes sense.

But the shareholders of Core Scientific voted against it. Their argument cuts like a razor: you underestimate our potential as an independent player.

Translation: A group of former miners suddenly realized that their assets are worth more than if they were absorbed. This is a significant shift in the self-awareness of the industry.

From BTC Machine to Infrastructure Monster

Core Scientific is already in the process of transformation, but quietly. They are still minting bitcoin, but their real focus has shifted to providing high-density data centers and supporting AI workloads.

This is not a choice — it is a necessity:

BTC mining is decaying at its roots:

• The difficulty is growing exponentially (competition has squeezed the margin)
• After the 2024 halving, the rewards fell by half.
• Energy is getting more expensive
• Equipment is degrading faster than before.

Conclusion: pure bitcoin mining no longer generates profit. However, leasing spare capacity to AI companies? The margins are higher there, and long-term stability is better.

Resurrection from the Ashes

The story of Core Scientific is a story of a second chance. In 2022, the company went through bankruptcy. In 2024, it returned to Nasdaq. What awakened the phoenix? It is this reorientation—from a monoculture of mining to a diversified infrastructure.

Now they manage specialized facilities in seven American states (Alabama, Georgia, Kentucky, North Carolina, North Dakota, Oklahoma, Texas). These plants are designed for high-density computing. Yesterday they were mining BTC, today they are training neural networks.

Why did the shareholders say no?

Active investors and advisory voting firms have diagnosed: the value of Core Scientific as an independent player in the AI ecosystem is underestimated in this deal.

Translating from corporate to honest:

• AI and HPC are seeking power, and there is a catastrophic shortage of it.
• Our data centers are a rare and valuable asset in this era.
• If we work independently, we will earn more
• These assets are our future, they cannot be given away.

This is the main revelation: miners suddenly understood the true value of their assets. They are no longer Bitcoin factories — they are infrastructure providers of a new era.

What does this mean for the entire industry?

This event reveals several truths:

1. The mining industry is undergoing natural selection — either you transform, or you become extinct.
2. Physical infrastructure now costs more than hash rates — rare, legal, stable power is expensive.
3. The revaluation of assets is not accidental — the AI market is revaluing the value of computing power.
4. Capital begins to hunt for a base — CoreWeave attempted to acquire infrastructure through a stock exchange because it understands the strategic value.

Rejection Core Scientific is not just a corporate drama. It is a signal that the matrix is being reformatted. The surviving miners are becoming the infrastructural ichthyosaurs of the AI era.