Core

Bitcoin

CoreWeave has expanded its <a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/">hosting</a> capacity at Core Scientific by 70 megawatts. This increase brings the total hosting capacity to 270 megawatts. Core Scientific, a Bitcoin mining and data center operator, announced the news on Tuesday, leading to a 10% pre-market stock jump. 
The expansion is part of an initial 200-megawatt deal made last month. CoreWeave exercised its first option for additional infrastructure, with the new capacity set to be operational by the second half of 2025. Core Scientific will modify 100 megawatts of its existing infrastructure to house CoreWeave’s NVIDIA GPUs, anticipating $100 million in projected annual revenue from the 12-year HPC contract, according to <a href="https://theminermag.com/news/2024-06-25/coreweave-core-scientific-ai-hosting-270-megawatt/">TheMinerMag</a>. 
CoreWeave will fund the capital expenditure for the site modifications. The costs will be reimbursed as hosting fees once the project goes online. CoreWeave still has the option to expand its infrastructure by another 230 megawatts at other Core Scientific sites. 
The initial 200-megawatt contract revealed in early June allowed CoreWeave to expand its hosting footprint with Core Scientific over 60 to 90 days. Core Scientific expects to generate a total revenue of $3.5 billion over the next 12 years from the 270 megawatts of AI hosting capacity. 
Following the news of the 200-megawatt contract, Core Scientific’s stock price more than doubled from $5 to over $10.30 in just 10 days. The recent announcement of the additional 70 megawatts has continued to boost investor confidence, driving further gains in the company’s stock value. 
Core Scientific's strategic partnership with CoreWeave highlights the growing demand for high-performance computing infrastructure. This collaboration aims to leverage CoreWeave's advanced AI capabilities and Core Scientific's robust data center operations to support the increasing needs of the AI and cryptocurrency industries.

CoreWeave Expands Hosting at Core Scientific to 270MW

Ultramining_Eng

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