Core Scientific, a prominent owner and operator of digital infrastructure for bitcoin mining and hosting services in North America, has entered into a 12-year agreement with CoreWeave, the AI Hyperscaler. The collaboration involves Core Scientific providing around 200 MW of infrastructure to host CoreWeave's high-performance computing (HPC) operations. This initiative includes modifying existing sites to accommodate CoreWeave's NVIDIA GPUs, with modifications set to start in the second half of 2024 and become operational by the first half of 2025.

The agreements between Core Scientific and CoreWeave align with Core Scientific's business strategy, adding a stable and long-term revenue stream. The anticipated revenue from this project is expected to surpass $3.5 billion over the 12-year contract period, translating to an average annual revenue of approximately $290 million.

These hosting contracts in the HPC sector will diversify Core Scientific's revenue sources and enhance shareholder value by providing a significant contracted revenue base. With a total of 1.2 gigawatts of contracted power, Core Scientific will be capable of delivering almost 500 MW of HPC power, catering to various compute workloads based on proximity to urban centers and fiber optic lines.

In April 2024, Core Scientific achieved a milestone by surpassing 20 exahash of energized self-mining hash rate following the deployment of S21 miners and reactivation of older generation miners at selected data centers for efficiency.

Leveraging its strong cash flow, Core Scientific successfully paid off $19 million in debt associated with mechanics' liens and initiated the construction of 72 MW of infrastructure at its Denton, TX data center. This expansion is part of Core Scientific's strategic growth plan to increase its infrastructure by 372 MW and reach over 20 exahash of hash rate.