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🚨 Morgan Stanley loan $500M to Bitcoin miner #Bitcoin
Morgan Stanley has just provided a $500M loan to Core Scientific, with the potential to expand up to $1B if needed.
The loan has a 364-day term, with an interest rate of SOFR + 2.5%, and is used to develop data centers for AI—including purchasing equipment, land, electrical infrastructure, and building new data centers.
This move reflects a trend where miners are shifting from Bitcoin mining to AI/HPC infrastructure to leverage existing power sources and data centers for GPU and AI compute.
Core Scientific is currently restructuring its business model, converting a large part of its mining operations into AI hosting services—a sector believed to offer higher profit margins compared to traditional mining.
The current situation is gradually turning miners into AI infrastructure companies to maximize profits as the price of $BTC has halved from its peak.