Core

2024

April

Core Scientific Inc. a leading owner and operator of high-powered digital infrastructure for bitcoin mining and hosting services in North America, has signed a 12-year contract with CoreWeave, the AI Hyperscaler. 
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 Tonight, we announced that Core Scientific will be providing an additional ~200 MW of infrastructure to host <a href="https://twitter.com/CoreWeave?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@CoreWeave</a> <a href="https://twitter.com/hashtag/HPC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#HPC</a> services. – ~200 MW of infrastructure for HPC compute – Estimated to generate total cumulative revenue for Core Scientific of over $3.5 billion during the… <a href="https://t.co/GWRaJuJdZs" target="_blank">pic.twitter.com/GWRaJuJdZs</a>— Core Scientific (@Core_Scientific) <a href="https://twitter.com/Core_Scientific/status/1797799817822777652?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 4, 2024</a>
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Core Scientific will deliver <a href="https://investors.corescientific.com/news-events/press-releases/detail/74/core-scientific-to-provide-approximately-200-mw-of-infrastructure-to-host-coreweaves-high-performance-computing-services-capturing-significant-ai-compute-opportunity" target="_blank" rel="noreferrer noopener nofollow">approximately</a> 200 megawatts (MW) of infrastructure to host CoreWeave’s high-performance computing (HPC) operations. The company will modify multiple existing, owned sites to host CoreWeave’s NVIDIA GPUs, with site modifications expected to commence early in the second half of 2024 and achieve operational status in the first half of 2025. 
Core Scientific’s agreements with CoreWeave complement its current business model by adding an expected stable, recurring, long-term, and high-margin revenue stream. Once the approximately 200 MW of HPC infrastructure is operational, the project is estimated to generate total cumulative revenue for Core Scientific of over $3.5 billion during the initial 12-year terms of the contracts, with an estimated average annual revenue of approximately $290 million. 
The&nbsp; HPC hosting contracts will increase Core Scientific’s exposure to contracted, dollar-denominated revenue, enhancing earnings and shareholder value. The company’s total of 1.2 gigawatts of contracted power enables it to deliver nearly 500 MW of HPC power for alternative compute workloads based on geographic proximity to major cities and fiber lines. 
​In April 2024, the company exceeded 20 exahash of energized self-mining hash rate after completing the scheduled deployment of S21 miners and temporarily energizing preceding generation miners at data centers where they can run financially. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/06/core-scientific-april-2024-production-and-operations-update/" target="_blank" data-type="link" data-id="https://www.cryptotimes.io/2024/05/06/core-scientific-april-2024-production-and-operations-update/" rel="noreferrer noopener">Core Scientific April 2024 Production and Operations Update</a> 
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Core Scientific’s robust cash flow allowed the company to clear $19 million in debt linked to mechanics’ liens and kick-start the completion of 72 MW of infrastructure at its Denton, TX data center. This is part of the company’s plan to add 372 MW, over 20 exahash of hash rate, as part of its growth strategy.

Core Scientific Secures $3.5B AI Contract with CoreWeave

The Crypto Times

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