Core Scientific (NASDAQ: CORZ) is growing its presence in Oklahoma by purchasing a nearby bitcoin mining facility for $421 million. This move is part of the company’s plan to build enough power capacity – at the gigawatt level – to serve customers who need it for artificial intelligence and powerful computer systems.
This article first appeared in The Energy Mag. The original article can be viewed here. The Energy Mag (formerly The Miner Mag) provides news, data, and insights on the energy–compute–markets nexus.
The company announced Tuesday that it intends to expand its Muskogee, Oklahoma facility to produce around 1.5 gigawatts of total power, with approximately 1 gigawatt available for customers. This growth will be achieved through a combination of purchasing other companies, upgrading the power grid, and developing on-site power generation.
At the center of the expansion is Core Scientific’s agreement to acquire Polaris DS LLC, a bitcoin mining operator that controls 440 megawatts of contracted power through Oklahoma Gas & Electric. The site is already energized and actively operating, allowing Core to potentially accelerate delivery timelines for future AI customers compared with greenfield developments that can take years to secure utility approvals and transmission access.
The deal is anticipated to be finalized around the third quarter of 2026, assuming it receives the necessary regulatory approvals and all other requirements are met.
The deal highlights how large bitcoin mining campuses — originally built for energy-intensive cryptocurrency operations — are increasingly becoming strategic targets in the AI infrastructure race because they already possess scarce grid access, substations and high-capacity electrical infrastructure.
Core Scientific has begun building another 82.5 MW data center at its Muskogee campus, expected to be completed in late 2027, though it doesn’t currently have a tenant. They also confirmed that the existing 70 MW facility, built for Nvidia’s GB300 platform, is still on schedule to be delivered to a customer in the second quarter of 2026, after final checks and setup are finished.
Core Scientific is buying a 40-acre property next to its current facility in Muskogee. This includes an electrical substation and existing agreements with the energy provider, OG&E. Importantly, Core Scientific isn’t purchasing Polaris’ existing cryptocurrency mining business. Instead, Polaris will separate those operations – including its employees, customers, and technology – before the sale is finalized.
Core Scientific plans to gradually shut down its current mining operations by mid-2028, while continuing to use the site temporarily. The company intends to transform the location into a hub for more advanced computing in the future.
The total cost could reach $461 million if Polaris is able to secure another 40 megawatts of guaranteed electricity by the end of 2026, as part of a change to their agreement with the utility company.
The agreement also reveals that Core Scientific has already placed $120 million into escrow deposits tied to the acquisition, including an initial deposit made in January. The company said the transaction will be funded using existing liquidity.
Core Scientific’s expansion in Muskogee is the second significant project where the company is using its growth plan. According to CEO Adam Sullivan, this plan involves buying new facilities, developing its own expertise, and securing affordable, on-site power sources.
The approach mirrors a broader trend across the AI infrastructure sector, where operators are increasingly pursuing existing bitcoin mining sites to bypass long utility interconnection queues and accelerate deployment timelines for hyperscale AI customers.
Core Scientific has emerged as one of the most aggressive bitcoin miners pivoting into AI infrastructure. The company previously disclosed plans to transform its Pecos, Texas campus into a roughly 1.5 GW data center development targeting about 1 GW of leasable capacity for high-density colocation customers.
The company is expanding its data center projects in partnership with CoreWeave, following long-term agreements to provide high-performance computing (HPC) hosting. Financial documents recently revealed that Core Scientific and CoreWeave plan to invest approximately $5.5 billion in building six data centers at five different locations by early 2027.
I’ve been watching Oklahoma closely lately, and it’s becoming a really interesting place for crypto mining and other energy-heavy computing. Governor Stitt is saying that recent changes to the rules about how energy is used – specifically allowing companies to get power directly – are starting to pay off. Core Scientific expanding there is a good example; it shows these new policies are actually attracting big investments into the state’s infrastructure. As a crypto investor, that’s definitely something I’m paying attention to – cheaper power and good infrastructure could be a game changer.
This article first appeared in The Energy Mag. The original article can be viewed here. The Energy Mag (formerly The Miner Mag) provides news, data, and insights on the energy–compute–markets nexus.
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2026-05-07 14:30