Bitcoin miner Core Scientific says CoreWeave exercising option for 70 MW of additional infrastructure

Core Scientific has announced it will supply an additional 70 MW to host CoreWeave’s high-computing operations.

"Under the terms of today’s announced agreement, Core Scientific will modify a total of 100 MW of its owned infrastructure to deliver approximately 70 MW to host CoreWeave’s NVIDIA GPUs for [high-performance computing] operations," the company said in a statement on Tuesday.

CoreWeave decided to exercise its first option to contract for additional infrastructure under the terms of a 12-year, 200 MW, deal signed earlier this month. "All capital investments required to modify Core Scientific’s existing infrastructure ... will be funded by CoreWeave," it said.

"Core Scientific is well positioned to design for the future and build application-specific data centers (ASDCs), which are designed to support much higher rack energy densities across large footprints," said Core Scientific CEO Adam Sullivan. "Our ASDCs will serve clients such as CoreWeave as they deploy next generation chips with higher densities at scale."

Earlier this month, the North American bitcoin miner and hosting services provider Core Scientific announced its contract with CoreWeave, an AI Hyperscaler. At the time, Core Scientific said it expected the agreement would generate, on average, approximately $290 million in annual revenue and more than $3.5 billion in total revenue over the 12 years.

Bitcoin miners like Core Scientific have been seeking to expand their revenues since April’s bitcoin halving, an event that reduced miner rewards by 50%.

Core Scientific investors were cheering today's news, with its stock (ticker CORZ) up nearly 10% at publication time.