- Bitcoin miners are exploring AI arbitrage to boost revenue.
- Core Scientific recently secured a 12-year contract with AI hyperscaler CoreWeave.
- Publicly traded Bitcoin miners are becoming increasingly important in AI/HPC and energy markets.
Research analysts from VanEck have spotted a new development among Bitcoin miners exploring AI arbitrage to boost revenue. In a recent publication, the analysts noted that Bitcoin miners are uniquely equipped to support AI/HPC.
The research analysts cited a typical example with Core Scientific (CORZ), the 4th largest Bitcoin miner by hash rate. According to their report, the Bitcoin miner recently secured a 12-year contract with AI hyperscaler CoreWeave, projected to generate over $3.5 billion in revenue for providing 200 MW of infrastructure.
Subsequently, three weeks after securing the contract, CoreWeave added $1.225 billion for an additional 70 MW over 12 years. Furthermore, the AI hyperscaler opted to deliver 112 more MW of HPC to host NVIDIA GPUs this August. According to the analysts’ report, it would take the Bitcoin miner the acquisition of an extra 118 MW to become one of the largest data center operators in the U.S.
Notably, CoreWeave’s recent actions highlight the increasingly important roles of publicly traded Bitcoin miners in AI/HPC and energy markets. VanEck analysts report that publicly traded miners now control a record percentage of Bitcoin’s global hash rate, and their collective market cap reached an all-time high in July.
For instance, the analysts’ report shows that CoinWeave’s CORZ added $1.6B to its market cap, with the shares +99% vs. the MarketVector Digital Asset Equity Index (+0.29%), which is by far the best-performing constituent. Meanwhile, the latter had risen 2.8% as of August 12, underperforming the Bitcoin price by 3,000 bps.
Despite these developments in the Bitcoin mining ecosystem, VanEck analysts observed that many investors have yet to realize that Bitcoin miners now have significant exposure to AI. According to them, the developing trend results from a synergy where Bitcoin miners can provide much-needed energy for AI companies.
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