- Core Scientific’s shares surged as much as 17% on a new deal with CoreWeave.
- The miner now expects to generate a total of $6.7 billion in revenue over the life of the contract, starting in the first half of 2026.
As a seasoned crypto investor with a knack for recognizing promising opportunities, I find the surge in Core Scientific’s shares following their new deal with CoreWeave to be quite intriguing. With a total revenue potential of $6.7 billion over the life of this contract, it seems that the miner is poised to ride the wave of high-performance computing demand.
On Tuesday, Core Scientific’s bitcoin miner stocks jumped up to 17%, standing out among other crypto-related stocks. This surge was triggered by the company extending their existing high-performance computing (HPC) agreement with CoreWeave, a move that boosted investor confidence.
Adam Sullivan, CEO of Core Scientific, stated that we have recently secured a contract with CoreWeave for 382 megawatts of HPC (High Performance Computing) infrastructure. This underscores the robust demand for powerful data center infrastructure and our team’s exceptional capability to provide it effectively.
Initially, the miner agreed to offer hosting infrastructure for 200 megawatts of GPUs for CoreWeave, and they also discussed the possibility of increasing capacity. Later on, both companies decided to increase the agreement by an additional 70 megawatts, which represents a third expansion of their original deal.
Revitalizing the spotlight, the initial agreement rejuvenated the mining sector that had been adversely affected during the harsh crypto winter and suffered from diminished profits following the latest halving event.
Leveraging this market opening, Core Scientific announced they can expand their contract to accommodate an extra 118MW of high-performance computing machinery by option.
According to Sullivan, the newest agreement confirms that our plan for creating data centers tailored for applications matches the rising demand for greater energy density in high-performance computing, a need that traditional data centers often fail to meet.
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2024-08-06 20:17