Cloud computing provider CoreWeave has enhanced its agreement with Bitcoin miner Core Scientific by utilizing an option to acquire additional infrastructure for its NVIDIA graphics processing units (GPUs), in addition to the capacity previously agreed upon in June. This decision will increase Core Scientific’s expected income from earlier agreements by $1.225 billion.
Under this option, Core Scientific will modify its facilities in Austin, Texas to start providing 70 MW of infrastructure for CoreWeave by the second half of 2025. Core Scientific is already ahead of schedule in preparing to accommodate CoreWeave’s capacity.
Core Scientific is capitalizing on the potential of AI, with CoreWeave funding the necessary capital investments. An additional 70 MW of infrastructure will be established, supplementing the 200 MW planned earlier in June, with that agreement valued at $3.5 billion over a 12-year term.
As per a statement by Core Scientific’s chief executive officer Adam Sullivan, “We aim to continue expanding and transforming our hosting business and revenue potential,” while also enhancing the company’s crypto mining capacity.
Following the latest Bitcoin halving, Core Scientific is not the only one turning to artificial intelligence for increased revenue. On June 25, Canadian miner Hive Digital Technologies reported an 8% year-on-year revenue increase to $114.5 million for the financial year ending on March 31. The company has been working to expand its facilities to offer HPC services to companies in the gaming, artificial intelligence, and graphics rendering industries, solidifying its position in the global boom in data center infrastructure.
Hive has facilities in Canada, Iceland, and Sweden, and is expanding its presence in the industry.