Core

Bitcoin

Billion

<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 major player in the Bitcoin <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/" rel="noopener noreferrer nofollow">mining industry</a>, has made a substantial comeback after financial struggles by securing a $6.7 billion deal with CoreWeave. The deal allows Core Scientific to lease its power-connected <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">production</a> centers to CoreWeave, a cloud computing company backed by Nvidia. This agreement, lasting over 12 years, marks a new direction for the mining company, enabling it to generate substantial revenue through alternative use of its infrastructure.
This move comes after Core Scientific faced financial difficulties and filed for restructuring in June 2024. As more <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a> look for creative ways to maintain profitability amid rising <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">energy costs</a> and market volatility, Core Scientific’s pivot could set a precedent for the broader mining sector.
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Core Scientific Strikes $6.7 Billion Deal with CoreWeave Amid Restructuring

Ultramining_Eng

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