CoreWeave to Acquire Core Scientific as Bitcoin Miners Diversify Towards AI

The move comes as Bitcoin miners seek to take advantage of the AI boom to diversify their services and streams of revenue.

Both Bitcoin mining and AI computing require massive amounts of energy and data infrastructure. This deal, announced by the two companies in a joint statement, suggests major miners are exploring new ways to profit from the mutual requirements of the two industries.

Next Big Thing

CoreWeave began its life in 2017 as an Ethereum-focused crypto miner, before pivoting to become a cloud infrastructure provider for AI computing. Core Scientific was also founded in 2017 and has become one of the biggest Bitcoin miners in North America.

The energy-hungry facilities, with long-term power contracts, were established by Bitcoin miners during crypto’s expansion and have become attractive assets for AI firms looking to scale their computing infrastructure.

“This acquisition accelerates our strategy to deploy AI and HPC workloads at scale," Michael Intrator, CoreWeave's Chief Executive Officer, Chairman of the Board, and co-founder, said in the statement, referring to high-performance computing in his remark. "Ownership of Core Scientific’s high-performance data center infrastructure enables CoreWeave to significantly enhance operating efficiency and de-risk our future expansion," he said.

Implications

The latest deal, which is anticipated to conclude in the fourth quarter of this year, marks a notable shift for Bitcoin miners, highlighting a growing trend that may signal diversification beyond crypto.

As AI demand for energy and computer power surges, miners may increasingly repurpose or lease their infrastructure to high-performance computing firms.

This could create new revenue streams, reduce exposure to crypto market volatility and redefine the role of miners within the broader tech ecosystem, building on their blockchain credentials to position them as key players in the future of AI infrastructure.