According to CoinMeta, a $5.5 billion project for Core Scientific has revealed the actual costs of converting Bitcoin mining facilities into AI data centers. The project is expected to cost about $5.5 billion to build on a capacity of 590 megawatts of IT, which translates to approximately $9.3 million per megawatt. Although Bitcoin mining facilities already have the power access required by AI companies, the cost of transforming their infrastructure into modern AI data centers is much higher than simply replacing the mining machines with NVIDIA GPU. Core Scientific has committed to transforming its facilities into high-density co-located infrastructure, and other operators such as Terawulf and Hut are also pursuing long-term AI infrastructure contracts. The company expects to generate potential revenue of about $10 billion through the CoreWeave contract, with an average annual co-located revenue of around $850 million.