Crypto miners are harnessing their advanced equipment and low-cost energy for the burgeoning artificial intelligence sector. As the demand for computational power soars, these miners are uniquely positioned to profit from the AI boom.with Core Scientific. The agreement involves CoreWeave paying $290 million annually over 12 years for the Austin-based bitcoin miner’s data centers to host AI-related computing hardware. CoreWeave will also cover all capital expenditures.
That new energy is enough to support about 3.4 million households for a year, and it could come in handy. Driven by the AI boom, data centers' energy demand could surge to 9% of U.S. power generation by 2030, according to the Electric Power Research Institute. This projected increase is more than double the current usage.
research note."The average enterprise value/revenue multiple of a selected group of listed miners, including IREN, TeraWulf and BitDigital, is now at 7.8x, up from 5.2x two months ago."of the reward for adding a block to the Bitcoin blockchain. The reduction of the payment to 3.125 bitcoin has resulted in mining earnings reaching historic lows.
“I think people are very focused on power right now, but there's a lot of other pieces that are very important if you want to transition your business from bitcoin mining to HPC,” says CEO Cummins, pointing out at wait times for key electrical gear of up to more than 2.5 years and competition for employees that has experience with large-scale data centers. “We spent a lot of time on this already. We've worked through the supply chain issues, we’ve picked up the experts.
Infrastructure in an all-stock deal valued at $155 million. Riot, meanwhile, is trying to take over rival Bitfarms via a proxy battle.