Bitcoin Miner Core Scientific to Expand Its High-Performance Computing Infrastructure by 112 Megawatts to Host CoreWeave's NVIDIA GPUs

The company stated that this deal will add $2 billion in revenue over 12 years, on top of the $4.7 billion expected from existing agreements.

Bitcoin (BTC) miner Core Scientific has announced plans to expand its high-performance computing (HPC) infrastructure by 112 megawatts (MW) to host CoreWeave’s NVIDIA graphics processing units (GPUs).

The deal will add an additional $2 billion in revenue over 12 years to the $4.7 billion expected from existing agreements, Core Scientific said in an Aug. 6 statement.

Following the announcement, Core Scientific shares rose over 18% and were trading at $9.74 as of press time, according to Yahoo Finance data.

Additional infrastructure

Core Scientific said CoreWeave could access an additional 118 MW of infrastructure at other sites. If the contract proceeds, Core Scientific could become one of the largest data center providers in the United States.

Meanwhile, CoreWeave will fund all capital investments to transform Core Scientific’s infrastructure into state-of-the-art application-specific data centers for dense HPC. The agreement also includes two five-year renewal options.

These modifications are slated to begin in the latter half of 2024, with operations expected to start in early 2026.

Core Scientific CEO Adam Sullivan said:

“The latest contract also validates that our strategy for developing application-specific data centers aligns with the increasing energy density requirements for high-performance computing that legacy data centers do not typically satisfy.”

Bitcoin production

Core Scientific mined 411 BTC in July from its fleet of owned miners, according to an Aug. 6 statement.

The company said it operated around 172,000 BTC miners, accounting for about 81% of the miners in its data centers. This fleet delivered a total hash rate of 20.1 EH/s.

Additionally, Core Scientific provided hosting services and operational support for approximately 41,500 customer-owned BTC miners, making up about 19% of the total miners in its data centers as of July 31, 2024.

Meanwhile, Sullivan said he is bullish about the company’s business prospects, pointing out the planned integration of Block’s new 3-nanometer ASIC chip for next year and its thriving HPC business.

Sullivan added:

“The future of our bitcoin mining business is bright as we migrate miners to dedicated sites and prepare to modify a significant portion of our high-power infrastructure for HPC hosting.”

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