Hut 8 receives $150 million investment from Coatue Management for AI development, while Core Scientific partners with CoreWeave to host NVIDIA GPUs, reflecting a growing trend of AI firms collaborating with Bitcoin miners for computational power.
Hut 8, a Bitcoin mining firm, has secured a $150 million investment from Coatue Management through convertible notes with an 8% annual interest rate. This investment, aimed at developing AI-related infrastructure, reflects a trend of AI firms leveraging Bitcoin miners for computational power. Following the announcement, Hut 8’s shares rose by roughly 4%, while other mining-related data center stocks also saw increases.
Additionally, Core Scientific, another major Bitcoin miner, announced an extension of its partnership with CoreWeave, an AI hyperscaler. This agreement will modify 100 MW of Core Scientific’s infrastructure to host CoreWeave’s NVIDIA GPUs. Expected to be operational by late 2025, this 12-year contract aims to add $1.225 billion in cumulative revenue. Core Scientific’s strategic expansion in the AI and HPC hosting sector indicates a broader industry shift toward accommodating advanced computing needs.
