AI company CoreWeave has agreed to buy crypto miner Core Scientific in a roughly $9 billion all-stock deal. This will give CoreWeave about 1.3 GW of data center power across the country, with the possibility of expanding into an additional 1 GW+.
Core Scientific stockholders will be given 0.1235 newly issued CoreWeave stock for each share they currently hold.
By verticalizing its data center footprint, CoreWeave is making sure that they have the energy and computing capacity required to keep up with growing demand from things like AI.
We can expect to see more bitcoin miners diversifying their portfolios by transition toward AI, leasing out their power and data center space.
Core Scientific had previously filed for bankruptcy in late 2022 after bitcoin prices fell off. Since then, they and other miners have been looking to change course and focus on AI.
