Core

Bitcoin

Shiba Inu

Bitcoin miners have been diversifying into other fields such as machine learning and <a href="https://coingape.com/glossary/artificial-intelligence" target="_blank" rel="noopener">artificial intelligence</a> (AI) to have other streams for generating revenue as miner rewards drop from 6.25 to 3.125 BTC. The AI market requires immense infrastructure, power supply to handle the training of AI models, and massive workloads, which Bitcoin miners such as Core Scientific can handle. 
<h2 id="core-scientific-signs-12-year-deal-with-nvidia-backed-coreweave">Core Scientific Signs 12-Year Deal With Nvidia-Backed CoreWeave</h2> 
Core Scientific announced a 12-year deal with <a rel="nofollow" href="https://www.businesswire.com/news/home/20240603752657/en/Core-Scientific-to-Provide-Approximately-200-MW-of-Infrastructure-to-Host-CoreWeave%E2%80%99s-High-Performance-Computing-Services-Capturing-Significant-AI-Compute-Opportunity" target="_blank">CoreWeave</a>, a cloud AI firm heavily backed by Nvidia and private equity firms. The agreement extends an existing partnership between the two companies to provide more than $3.5 billion in revenue in contract years. 
Under the terms of the agreement, Core Scientific will provide 200 MW of infrastructure to host CoreWeave’s high-performance compute (HPC) operations. The bitcoin mining firm will modify sites in the second half of 2024 and start operations in the first half of 2025. 
“Our new contracts with CoreWeave position us to transform our hosting business and our earnings power by capturing exciting growth opportunities in AI compute, one of today’s most dynamic technology segments, while also maintaining our strong bitcoin mining franchise,” said Adam Sullivan, chief executive officer at Core Scientific. 
Also Read: <a href="https://coingape.com/terra-luna-classic-votes-on-lunc-payout-proposal/" target="_blank" rel="noopener">Terra Luna Classic Votes On LUNC Payout Proposal</a> 
<h2 id="miners-seeks-new-revenue-streams-after-bitcoin-halving">Miners Seeks New Revenue Streams After Bitcoin Halving</h2> 
Similar to Core Scientific, other miners like Bit Digital, Hive, Hut 8, and TeraWulf have been seeking ways to bolster their revenue from different options after <a href="https://coingape.com/tag/bitcoin-halving" target="_blank" rel="noopener">bitcoin halving</a> in April cut miner rewards by 50%. 
James Butterfill, head of research at digital asset firm CoinShares, said Bitcoin miners’ facilities are ideal for AI operations as they are stationed in energy-secure and energy-intensive data centers. 
According to CoinShares, Bit Digital derives 27% of its revenue from AI. Hut 8 generates 6% of sales from AI, and Hive, which has data centers in Canada and Sweden, gets 4% of its revenue from these services. 
The prices of multiple cryptocurrencies such as AGIX, FET, NEAR, and others move as per AI news. Nvidia’s strong performance this year has drive a massive rally in AI coins. 
Also Read: <a href="https://coingape.com/shiba-inu-burn-rate-skyrockets-16600-whats-next-for-shib-price/" target="_blank" rel="noopener">Shiba Inu Burn Rate Skyrockets 16600%, What’s Next For SHIB Price?</a> 
The post <a href="https://coingape.com/bitcoin-miners-diversifying-into-ai-projecting-billions-in-revenue/">Bitcoin Miners Diversify Into AI Projecting Billions in Revenue</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Miners Diversify Into AI Projecting Billions in Revenue

Table of Contents

Coingape News Media

Other articles published on Jun 4, 2024

These 3 Interesting Stocks are Seeing Heavy Short Interest in June 2024

MoonBag Meme Coin Leads the Pack Against Immutable X and Bonk in Investment Potential

BlockDAG Tops Crypto Investment Charts With Keynote 2 Launch as XRP Market Cap Climbs and Notcoin...

Harga XRP Bisa Naik 800 Persen, Begini Prediksi Analis Terkini

3 Shiba Inu Metrics to Watch as SHIB Plays Rebound Game

MoonBag Presale Attracts Investors While Ripple Faces SEC Battle And Binance Struggles

Join our free newsletter for daily crypto updates!