The Block Crypto News12 minutes ago

Published on June 04, 2024 04:35 GMT+00:00edited on June 04, 2024 04:39 GMT+00:00

North American bitcoin mining and hosting services provider Core Scientific announced today that it signed a series of 12-year contracts with AI Hyperscaler CoreWeave. 

The Nasdaq-listed company expects the agreement to generate approximately $290 million worth of average annual revenue, a total cumulative revenue of over $3.5 billion over the 12-year period.

“Our expanding relationship with CoreWeave creates a pathway for Core Scientific to diversify our business model and balance our portfolio between bitcoin mining and alternative compute hosting, positioning us to maximize cash flow and minimize risk while maintaining our significant exposure to bitcoin’s upside potential,” Core Scientific CEO Adam Sullivan said in the release.

Core Scientific plans to supply 200 megawatts of …