Bitcoin miner diversifies into AI, predicts billion-dollar gains

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Bitcoin miners have been diversifying into other areas such as machine learning and artificial intelligence (AI) in search of alternative streams of revenue as miner rewards fall from 6.25 BTC to 3.125 BTC. The AI ​​market requires huge infrastructure, power supplies to handle the training of AI models, and huge workloads. Core Scientific We can accommodate your request.

Core Scientific signs 12-year deal with Nvidia-backed CoreWeave

CoreScientific has announced a 12-year agreement with cloud AI company CoreWeave. NVIDIA

and private equity firms. The deal expands an existing partnership between the two companies and will bring in more than $3.5 billion in revenue over the life of the agreement.

Under the terms of the agreement, Core Scientific will provide 200MW of infrastructure to host CoreWeave's high-performance computing (HPC) operations, with the bitcoin mining company set to refurbish the site in late 2024 and begin operations in early 2025.

“Our new agreement with CoreWeave allows us to capture exciting growth opportunities in AI computing, one of the most dynamic technology segments today, and transform our hosting business and profitability while maintaining our strong bitcoin mining franchise,” the company said. Adam SullivanChief Executive Officer of Core Scientific.

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After Bitcoin halving, miners seek new sources of income

Like Core Scientific, other miners including Bit Digital, Hive, Hut 8 and TeraWulf are also exploring different options to boost revenue after Bitcoin's halving.

In April, it cut miner rewards by 50%.

James Butterfill, head of research at digital asset firm CoinShares, said bitcoin miners’ facilities are ideal for AI operations because they are located in energy-secure, energy-intensive data centers.

Bit Digital derives 27% of its revenue from AI, according to CoinShares, Hut 8 derives 6% of its revenue from AI, and Hive, which has data centers in Canada and Sweden, derives 4% of its revenue from these services.

Prices of several cryptocurrencies, including AGIX, FET, and NEAR, fluctuate in response to AI news. Nvidia’s strong performance this year has helped fuel a strong rise in the AI ​​coin.

Also read: Shiba Inu burn rate surges 16600%, what will happen to Shiba Inu price in the future?

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