Summary
TLDR: Bitcoin miners are looking to reduce costs and boost revenue by diversifying into high-performance computing and artificial intelligence. With mining rewards set to be cut in half, companies are making strategic moves like closing facilities and restructuring to drive profitability. Hut 8 is shutting down its Drumheller site in Canada due to high energy costs and inefficiencies.
Key Points
1. Texas-based Core Scientific is set to lease up to 16 megawatts of capacity in its Austin datacenter to cloud provider CoreWeave, with possible revenue exceeding $100 million.
2. Core Scientific’s facility that once housed tech giant Hewlett Packard will now host infrastructure supporting applications in artificial intelligence (AI) and high-performance computing (HPC).
3. Hut 8, following a merger with US Bitcoin Corp., will shutter its Drumheller site in Alberta, Canada due to elevated energy costs and underlying voltage issues impacting profitability.