Bitcoin Mining Firm Core Scientific Updates Agreement with AI Hyperscaler CoreWeave to Provide 270 MW of Total Infrastructure Access

CoreScientific affirmed that CoreWeave executed its first option to contract for an extra 70MW of infrastructure access

Bitcoin mining firm Core Scientific has updated its agreement with AI hyperscaler Core Weave to provide the latter with 270 megawatts (MW) of total infrastructure access, according to a June 25 press release. Core Scientific said that Core Weave exercised its first option to contract for an additional 70MW of infrastructure access, expanding the earlier 12-year agreement for 200MW of high-performance computing (HPC) hosting contracts from June 3. Core Scientific will modify 100 megawatts (MW) of infrastructure to provide the additional 70MW of power and host Core Weave’s NVIDIA GPUs. The agreement also allows Core Weave to exercise options to access another 230MW of infrastructure at other Core Scientific sites. If the companies proceed with the entire contract, Core Scientific will reportedly rank among the largest U.S. datacenters. Core Scientific expects to begin site modifications in the latter half of 2024 and intends to start operating in the latter half of 2025.

Projected revenue

Core Scientific expects $1.2 billion in projected cumulative revenue over the 12-year contract, plus $3.5 billion in projected cumulative revenue from previous agreements with Core Weave. Core Weave will fund modifications of Core Scientific’s existing infrastructure. Additionally, the firms estimate that $105 million associated with the additional contract will be credited against hosting payments at no more than 50% of monthly fees until full repayment, with opportunities for two five-year renewal terms. A previous press release about the agreement estimated a similar credit program at $300 million.

Broader plans

Core Scientific CEO Adam Sullivan said the firm is “well-positioned to design for the future and build application-specific datacenters.” Core Scientific intends to serve clients, including Core Weave, that pursue high-density next-generation chip deployments. Sullivan highlighted the role of Core Scientific’s high-power infrastructure and team of highly experienced datacenter experts in its rapid and effective operations, noting that it delivered its Austin datacenter to Core Weave 30 days earlier than planned. Core Scientific currently can provide 500MW of its 1.2 gigawatts of contracted power to HPC hosting.

Mentioned in this article

Mike Dalton

Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.

Assad Jafri

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.

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