Core

United

April

<a href="https://ultramining.com/news/en/bitcoin-mining-giant-core-scientific-prepares-for-post-bankruptcy-comeback/" rel="noopener noreferrer nofollow">Core Scientific</a>, a leader in bitcoin mining and data center operations, has announced a significant expansion of CoreWeave's high-performance computing (HPC) infrastructure. CoreWeave has exercised an option for an additional 112 megawatts (MW), bringing its total contracted HPC capacity to 382 MW across five sites, according to <a href="https://theminermag.com/news/2024-08-06/core-coreweave-hpc-expansion/" rel="noopener noreferrer nofollow">TheMinerMag</a>.
<img src="https://lh3.googleusercontent.com/d/12tV1AoiTmKJTLHRehPt9mQNskg6qKVSm?key=12tV1AoiTmKJTLHRehPt9mQNskg6qKVSm" alt="">
The latest expansion follows CoreWeave's decision in June to increase hosting capacity by 70 MW, reaching a total of 270 MW. This rapid growth reflects the robust demand for high-performance computing resources driven by industries such as artificial intelligence, scientific research, and finance.
Adam Sullivan, CEO of Core Scientific, emphasized the importance of this development. "This contract reflects the strong demand for high-power data center infrastructure and our unique ability to deliver it," he stated. Core Scientific's strategic approach to expanding its data center capabilities positions the company as a leader in the HPC sector, reinforcing its reputation as a reliable provider of advanced computing solutions.
The new 12-year agreement is projected to add approximately $2 billion to Core Scientific's cumulative revenue, boosting the total to $6.7 billion. Modifications for the new infrastructure will commence in the latter half of 2024, with operations expected to begin by early 2026. The scale of this expansion underscores Core Scientific's commitment to meeting the growing needs of its clients and staying ahead of industry trends.
In addition to the current expansion, CoreWeave still holds an option for an additional 118 MW of infrastructure. If exercised, this would further solidify Core Scientific's position as one of the largest publicly traded data center operators in the United States. The potential for future growth is immense, as the demand for HPC resources continues to rise across various sectors.
While Core Scientific's data center operations are expanding, the company's bitcoin mining capacity has faced challenges. Since the bitcoin halving, Core Scientific's realized hashrate has gradually decreased from 18.64 EH/s in April to 16.73 EH/s in July. Despite this decline, the company's focus on diversifying its offerings through HPC services demonstrates its adaptability and resilience in a rapidly evolving market.
The market has responded positively to the news of Core Scientific's expansion. The company's stock price surged by 14.6% during pre-market hours on Tuesday, reflecting investor confidence in Core Scientific's strategic direction and growth potential.

Core Scientific: CoreWeave HPC Hosting Expands to 382 MW

Ultramining_Eng

Other articles published on Aug 7, 2024

Ethena Labs Brings USDe to Solana for Enhanced Stability

Icebreaker Secures $5M Seed Funding to Build Blockchain Alternative to LinkedIn

$2 Billion Ethereum Being Moved From Dormant Wallets, China Dumping ETH?

Analyst Predicts Bitcoin Could Plunge Back To $51,000 On Wedge Pattern Breakdown

Injective Integrates Elliptic for Enhanced Blockchain Security and Compliance

How Regulatory Actions Impact Crypto Centralised Exchanges: A Case Study Analysis

Join our free newsletter for daily crypto updates!