Core

Celsius

<a href="https://ultramining.com/news/en/bitcoin-mining-giant-core-scientific-prepares-for-post-bankruptcy-comeback/" rel="noopener noreferrer nofollow">Core Scientific</a>, a major player in the crypto <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/" rel="noopener noreferrer nofollow">mining industry</a>, has signed a 12-year deal with cloud provider CoreWeave to support AI training. This move highlights a diversification trend among <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">bitcoin miners</a> into artificial intelligence. The Texas-based Core Scientific, which recently emerged from bankruptcy, aims to leverage its expertise to provide 200 megawatts of infrastructure for CoreWeave's NVIDIA <a href="https://ultramining.com/news/en/kaspa-takes-the-lead-in-gpu-mining-sets-sights-on-transforming-pow-landscape/" rel="noopener noreferrer nofollow">GPU</a> operations. The modifications will start in late 2024, becoming fully operational by mid-2025, according to <a href="https://crypto.news/bitcoin-miner-core-scientific-signs-12-year-deal-to-deliver-200mw-for-machine-learning/" rel="noopener noreferrer nofollow">Crypto</a>.
The agreement is projected to generate over $3.5 billion in revenue. Core Scientific CEO Adam Sullivan emphasized that the contracts with CoreWeave would transform the company's <a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/" rel="noopener noreferrer nofollow">hosting</a> business and earnings potential by tapping into AI compute growth while maintaining its bitcoin mining strength.&nbsp;
The firm plans to invest about $300 million in infrastructure, credited against hosting payments, capped at 50% of monthly fees until repaid. The agreement also includes options for expansion, potentially making Core Scientific one of the largest data center operators in the U.S.
Founded in 2017 by Mike Levitt and Darin Feinstein, Core Scientific quickly gained prominence in crypto mining, raising over $50 million from investors. However, market volatility led to financial difficulties, culminating in bankruptcy in late 2022 due to collapses such as FTX, Celsius Network, and Three Arrows Capital. The company successfully emerged from bankruptcy in early 2024.

Core Scientific Secures $3.5B Deal with CoreWeave for AI Training Infrastructure

Ultramining_Eng

Other articles published on Jun 4, 2024

MicroStrategy Settles $40M Tax Fraud Case

Must-Have Cryptos for Your 2024 Portfolio

3 Trending Altcoins Set To Rally As Binance Listing These Pairs Next

Bitcoin Price Rises as Popular Altcoins Turn Upward

Kaspa Price Forecast: Is KAS Preparing For A Massive Breakout This Week?

Discover FatBoy: A win-win for gamers and crypto enthusiasts

Join our free newsletter for daily crypto updates!