JPMorgan and Morgan Stanley Provide $1 Billion Credit to Bitcoin Miner Core Scientific

Core Scientific, one of the largest Bitcoin miners in the US, has secured a $1 billion credit facility backed by JPMorgan and Morgan Stanley. The financing will be used to develop data center infrastructure, including equipment purchases, land acquisition, and energy procurement. This is part of the company's strategy to pivot away from mining activities and repurpose data centers for colocation and AI workloads to diversify income streams and reduce exposure to crypto market volatility.