Bitcoin miners sink millions into AI businesses, seeking billions in return
artificial
Bitcoin miners sink millions into AI businesses, seeking billions in return
Bitcoin mining firms are shifting focus to AI businesses due to declining crypto mining revenue. Core Scientific's deal with CoreWeave is set to generate over $3.5 billion in revenue over 12 years. Core Scientific emerged from bankruptcy and is pr...
artificial

Bitcoin miners sink millions into AI businesses, seeking billions in return

  • Bitcoin mining firms are shifting focus to AI businesses due to declining crypto mining revenue.

  • Core Scientific's deal with CoreWeave is set to generate over $3.5 billion in revenue over 12 years.

  • Core Scientific emerged from bankruptcy and is providing infrastructure for AI models.

  • AI compute demand surged after OpenAI's ChatGPT launch, prompting miners like Bit Digital and Hut 8 to diversify.

  • Transitioning to AI requires significant infrastructure changes and higher capital expenditure compared to bitcoin mining.

Source: https://www.cnbc.com/2024/06/03/bitcoin-miners-sink-millions-into-ai-business-seek-billions-in-return.html

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