Core Scientific and CoreWeave Sign Landmark 12-Year AI Partnership, Boosting Bitcoin Mining Operations

  • Core Scientific, a prominent player in North America’s digital infrastructure industry, has revealed a strategic alliance featuring a series of 12-year-long contracts with CoreWeave, an AI Hyperscaler.
  • This partnership involves Core Scientific providing around 200 MW of infrastructure to bolster CoreWeave’s high-performance computing (HPC) activities.
  • Adam Sullivan, CEO of Core Scientific, emphasizes the partnership’s potential to revolutionize AI data centers while continuing their prowess in Bitcoin mining.

Core Scientific secures a strategic alliance to revolutionize AI computing, targeting $3.5 billion in initial revenue.

Core Scientific’s Strategic Move into AI Computing

This partnership marks a pivotal development for Core Scientific as it ventures into the AI data center domain. By capitalizing on growth opportunities in AI computing, the company aims to strengthen its market position while sustaining its Bitcoin mining operations.

Adam Sullivan, CEO of Core Scientific, underscores the escalating demand for high-power stations and reassures that Core Scientific is equipped to meet these needs efficiently. The firm’s focus on delivering prompt and dependable solutions aims to truncate the power setup duration vis-à-vis new data center projects.

The long-term agreement of 12 years with CoreWeave also allows for renewal and further expansion, enhancing Core Scientific’s stature as a leading data center operator in the U.S. with the potential to rank among the largest globally. This collaboration is anticipated to diversify Core Scientific’s revenue streams and amplify its earnings.

Projecting Revenue and Shifting Capacities

The HPC infrastructure is projected to generate upwards of $3.5 billion in revenue during the initial contract phase, complementing Core Scientific’s ongoing Bitcoin mining business. To facilitate this growth and ensure business continuity, Core Scientific plans to reallocate some of its Bitcoin mining capacities towards this emergent venture.

Core Scientific with Infrastructure Enhancements

Resuming NASDAQ trading in January after bankruptcy and restructuring, Core Scientific achieved a significant milestone by surpassing 20 exahash of energized self-mining hash rate in April 2024, attributable to the deployment of S21 miners.

An influx of cash flow empowered Core Scientific to address $19 million in debt related to mechanics’ liens and commence the completion of 72 MW of infrastructure at its Denton, TX, facility. This milestone is part of a larger strategy to boost total capacity by an additional 372 MW, further magnifying the company’s growth trajectory.

Post the Bitcoin halving in April, which saw a 50% reduction in miner rewards, companies in the Bitcoin mining sector, including Core Scientific, have actively pursued diversified revenue streams, particularly within the AI sector. Other firms such as Bit Digital and Hut 8 have similarly expanded their focus to include AI-driven revenue generation.

In a notable financial turnaround, Core Scientific reported a net income of $210.7 million for the first quarter of this year, a stark contrast to the net loss of $388,000 in the same quarter of 2023.


This strategic alliance between Core Scientific and CoreWeave signifies a monumental shift towards integrating high-performance AI computing with established Bitcoin mining capabilities. By forging this partnership, Core Scientific is positioned to significantly augment its revenue, diversify its operations, and solidify its standing in the AI data center market. As the industry evolves, such proactive initiatives may set the pace for future developments and growth within the digital infrastructure landscape.

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Gideon Wolf
Gideon Wolf
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.

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