Core Scientific’s fleet and the shift in mining pool concentration

The Pool Landscape

Foundry USA commands 242-243 EH/s, which accounts for over 26% of the total network hashrate as of September 11, 2026. AntPool follows with an 18% share. F2Pool controls 10%. ViaBTC maintains 13% of the network. SpiderPool holds 9%. The total network hashrate stays near 900 EH/s. Following a 1.31% increase in difficulty on September 5, the level reached 127.45T. Miners use these pools to find blocks and share rewards. AntPool provides FPPS at 2.5% or PPLNS at 0%. ViaBTC provides PPS+ at 4% or PPLNS at 2%. F2Pool uses 4% FPPS and 2% PPLNS.

Pool Name	Hashrate Share	Payout Method
Foundry USA	~26%	FPPS
AntPool	~18%	FPPS
F2Pool	~10%	FPPS
ViaBTC	~13%	PPS+
SpiderPool	~9%	FPPS

Concentration remains high.

Core Scientific Operations

Core Scientific operates 159,000 owned miners with an 18.4 EH/s self-mining hashrate as of February 28, 2025. The company earned 215 bitcoin in February 2025. In September 2024, the company earned 345 bitcoin from its owned fleet. Total energized hashrate reached 23.4 EH/s during that month. The company earned 5,621 bitcoin year-to-date as of September 2024. During the third quarter of 2024, the company earned 1,115 bitcoin. In February 2025, customers earned an estimated 16 bitcoin at Core Scientific data centers. In September 2024, customers earned an estimated 66 bitcoin.

The company manages 243 MW of billable capacity. It maintains 590 MW of capacity through 12-year contracts with CoreWeave. These contracts cover 260 MW in Denton and 175 MW in Dalton. The company operates across six states. In Muskogee, Oklahoma, work started on an 82.5-megawatt building, with the first delivery slated for the second half of 2027.

The company faces execution risk. KBW analysts downgraded Core Scientific to Market Perform because the company went 17 months without signing a new colocation lease. Management also commits $2 billion to development and acquisitions in 2026 before securing contracts across its expansion pipeline. The company’s expansion strategy incorporates both grid-connected and behind-the-meter power solutions, including a plan to grow the Pecos, Texas site from 300 megawatts to 1.5 gigawatts of total gross power capacity. This expansion relies on the company’s ability to secure new contracts.

The company earns bitcoin.

Diversification and AI

Large miners increasingly prioritize high-density data center operations. Core Scientific uses its power capacity for AI GPU cloud workloads. The company signed 15-year agreements with AMD to support up to 2.5 GW of leasable capacity. This partnership covers five projects and 529 MW. The company manages 590 MW of capacity through 12-year contracts with CoreWeave. The company maintains 1.1 GW of capacity across seven locations.

The company secures revenue through diverse sources. It manages 590 MW of capacity contracted with CoreWeave across five sites. The company expects 450 MW of CoreWeave capacity to be billable by the end of summer. It expects 590 MW by early 2027. The company reached a market capitalization of approximately $7 billion. It secured more than $24 billion in potential long-term contract revenue.

You know the industry shifts toward power scarcity.

Does the concentration of hashashrate in a few pools threaten network security?

The company secured $3.3 billion in senior secured notes due 2031. This deal produced $2.9 billion in net proceeds. The company manages 243 MW of billable capacity. The company’s market capitalization reached $11.2 billion based on approximately 505 million shares as of May 2026. The company manages power.