According to the latest coreweave announcement, Core Scientific adds by 17 %

The shares of Core Scientific rose by more than 17 %on Tuesday when the Bitcoin mining company announced new developments related to his deal with the artificial intelligence provider CoreWeaven.

according to a Press release On August 6th, CoreWeave agreed to expand his hosting contract with the Bitcoin miner to expand additional infrastructure. Core Scientific will then deliver a further 112 megawatts for Core Eeave's Nvidia graphics processors.

Agreement between core scientific and coreweave

The new adjustments of the contract will come into force before the end of 2024, the operation should be included in the early 2026. The multi-year contract of Core Scientific with CoreWeaven will bring new hosting income of around $ 2 billion, the 12-year contract is expected to bring in a cumulative turnover of over $ 6.7 billion after the original contract is expected to contribute a total of 4.7 billion.

Today Core Scientific gave the exercise of an additional contract option by @CoreWeaven MW Additional infrastructure for high -performance computer operations.

-er increases the total number of contracts #HPC Infrastructure by CoreWeave on 382 MW at 5 $ corz pages ... pic.twitter.com/z2fz9dnac8

- Core Scientific (@core_scientific) 6. August 2024

"We have now concluded with CoreWeave a total of 382 megawatts HPC infrastructure, which reflects the strong demand for high-performance data center infrastructure and the unique ability of our team to provide," said Adam Sullivan, CEO from Core Scientific.

"CoreWeave still has an option for 118 megawatts of our infrastructure and we actively build up our pipeline of potential new locations to expand our infrastructure portfolio and our business possibilities. By maximizing the value and expanding the scope of our infrastructure portfolio for HPC hosting and bitcoin mining, Let us believe that we can expand our business and the value we can offer customers and shareholders, ”remarked Sullivan.

Corz share course

The shares of Core Scientific were traded by USD 9.63 at the time of writing, which corresponds to a daily increase of over 17 %. Corz has increased by 179 % since the beginning of the year. The Corz share has been traded higher since a outbreak of $ 5 in May, with the latest news supporting the optimistic outlook.

In comparison, BTC has increased by a little more than 5 % in the last 24 hours and changed hands for around $ 56,900.

Although the value has increased to almost $ 49,000 on August 5 since the break-in, Bitcoin was more than 12 % in the past week. Last month BTC/USD rose by 28 % at the time of writing.