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Bitcoin Miner Core Scientific Strikes $3.5B AI Partnership

by Abimbola Adu
Jun 4, 2024 - 6:00 pm
in Bitcoin, WEB 3.0
Core Scientific and CoreWeave announce $3.5 billion AI partnership.

Bitcoin Miner Core Scientific Strikes $3.5B AI Partnership

Core Scientific, one of the largest Bitcoin mining companies in the United States, is making a significant move into the artificial intelligence (AI) sector. This shift comes amid challenges associated with the latest Bitcoin halving.

Major AI Partnership Announced

On June 3, Core Scientific announced a landmark $3.5 billion deal with AI cloud provider CoreWeave. The agreement involves Core Scientific supplying an additional 200 megawatts (MW) of infrastructure to support CoreWeave’s high-performance computing (HPC) operations. This partnership is projected to generate over $3.5 billion in revenue over a 12-year period, with an estimated annual revenue of approximately $290 million.

Tonight, we announced that Core Scientific will be providing an additional ~200 MW of infrastructure to host @CoreWeave #HPC services.

– ~200 MW of infrastructure for HPC compute
– Estimated to generate total cumulative revenue for Core Scientific of over $3.5 billion during the… pic.twitter.com/GWRaJuJdZs

— Core Scientific (@Core_Scientific) June 4, 2024

Leveraging Infrastructure for AI

The infrastructure dedicated to CoreWeave represents about 18% of Core Scientific’s total operational capacity. As of April 2024, Core Scientific boasted 745 MW of operational infrastructure, with an additional 372 MW of partially constructed infrastructure at two Texas data centers. This contract with CoreWeave builds on a previous agreement from March 2024, where Core Scientific provided up to 16 MW for AI and HPC operations.

CoreWeave’s Growth and Investment

CoreWeave, originally known as Atlantic Crypto, was founded in 2017 by Michael Intrator, Brian Venturo, and Brannin McBee. Despite having no prior experience in the cloud sector, the founders leveraged their backgrounds in trading energy futures to build a robust AI and cloud computing business. In May 2024, CoreWeave secured a $7.5 billion debt facility from investors including Blackstone, Magnetar, and Coatue, valuing the company at $19 billion.

Diversification Amid Bitcoin Halving Challenges

The partnership comes at a critical time for Core Scientific, which is navigating the effects of the fourth Bitcoin halving. The halving event on April 20, 2024, reduced miner rewards from 6.25 BTC per block to 3.125 BTC, applying financial pressure on mining operations. With Bitcoin prices not spiking significantly post-halving, firms like Core Scientific are exploring alternative revenue streams to sustain operations.

Strategic Shift Towards AI

Adam Sullivan, CEO of Core Scientific, highlighted the strategic benefits of the partnership, stating, “Our expanding relationship with CoreWeave creates a pathway for Core Scientific to diversify our business model and balance our portfolio between Bitcoin mining and alternative compute hosting. This positions us to maximize cash flow and minimize risk while maintaining our significant exposure to Bitcoin’s upside potential.”

Emerging Stronger from Bankruptcy

This announcement follows Core Scientific’s emergence from bankruptcy in January 2024, which concluded a 13-month restructuring process. The company is now poised to capitalize on the growing demand for AI and HPC infrastructure, ensuring a stable revenue stream while continuing to benefit from Bitcoin mining.

Tags: AIBitcoinMiningWeb3
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

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