While retail was HODLing, one of the world's biggest miners, Core Scientific (CORZ), was quietly dumping. They just offloaded 1,900 $BTC for a cool $175 Million, perfectly timing the January top before the February crash. 📉
CEO Adam Sullivan didn't mince words: Bitcoin mining is "essentially in runoff." CORZ is transforming from a "Coin Creator" into an AI Powerhouse. 🤖
They ended the year with $530M in cash. They don't need "Magic Internet Money" when they have a $4 Billion financing potential tied to AI contracts. 🏦 It’s not just CORZ. MARA, RIOT, and Bitfarms are all dumping Bitcoin or rebranding to include "AI" in their name. The "Pure Play Miner" is officially an endangered species. 🥊
They reported a $0.42 loss per share (missing estimates of $0.08). The pivot is expensive, and they are burning $BTC to keep the lights on for the AI revolution.