Mining operations for Bitcoin are abandoned by a significant player, potentially impacting the overall hash rate.
In a significant move that is set to reshape the landscape of both AI model training and Bitcoin mining, CoreWeave, a leading provider of infrastructure for artificial intelligence, has announced its acquisition of Core Scientific, one of the largest public Bitcoin miners based in Texas. The deal, valued at approximately $9 billion, is expected to close in the fourth quarter of 2025 and will be completed entirely in stock.
The acquisition will see CoreWeave gain ownership of approximately 1.3 gigawatts (GW) of gross power across Core Scientific’s national data center footprint. This includes about 500 MW dedicated to cryptocurrency mining and 840 MW supporting high-performance computing (HPC) and AI workloads. With over 1 GW of potential power available for future expansion, CoreWeave is poised to significantly increase its power capacity and infrastructure ownership.
CoreWeave, initially an Ethereum miner, has evolved into a leading provider of infrastructure for artificial intelligence. The acquisition will accelerate CoreWeave’s strategy to deploy AI and HPC workloads at scale. Owning the foundational data center infrastructure enables the company to better serve AI labs and enterprises with greater performance and expertise, accelerating AI model training capabilities.
By owning Core Scientific’s infrastructure instead of leasing it, CoreWeave will reduce $10 billion in cumulative future lease costs over 12 years and expects to achieve roughly $500 million in annual run rate cost savings by 2027. This vertical ownership enhances operating efficiency, gives CoreWeave more control over data center assets, and helps de-risk expansion plans.
The acquisition also has implications for Bitcoin mining. With about 500 MW of capacity currently supporting cryptomining, CoreWeave inherits a sizable Bitcoin mining operation, potentially making it a more significant player in the mining sector. Combined with expanded power capacity, this could enable scaling existing mining operations or shifting capacity toward more efficient or specialized mining at scale.
Despite the acquisition, Bitcoin remains the most secure and decentralized blockchain in the market. The Proof of Work consensus, although questioned for energy consumption, remains the most proven in terms of security in the crypto market. The Bitcoin network's difficulty adjustment mechanism allows it to self-regulate against fluctuations in computing power.
The growth of the Bitcoin network is driven by the adoption of efficient equipment, expansion of large mining farms, and institutional interest. The network is globally distributed across thousands of nodes, ensuring no actor has absolute control.
CoreWeave's clients include tech giants like OpenAI and Microsoft. Michael Intrator, CEO of CoreWeave, believes the acquisition will strengthen technological infrastructure for clients developing AI, while Adam Sullivan of Core Scientific believes they will be well-positioned to lead innovation in this new stage. The acquisition has sparked controversy, with Core Scientific's shares falling by 17% following the announcement.
In April 2025, the Bitcoin network surpassed 1,000,000 EH/s, demonstrating its strength and growth. As CoreWeave integrates Core Scientific’s data center and cryptocurrency mining assets into its AI-focused GPU cloud platform, it positions itself as a leading provider of large-scale computational infrastructure that spans both AI model training and Bitcoin mining. This integration is expected to enhance profitability, scale operations, and future-proof growth across both sectors.
[1] CoreWeave Press Release, 2025 [2] Core Scientific Press Release, 2025 [4] Industry Analysis Report, 2025
The acquisition of Core Scientific by CoreWeave, valued at approximately $9 billion, will not only position CoreWeave as a significant player in the Bitcoin mining sector with a sizable Bitcoin mining operation, but also enable greater safety for AI model training by owning the foundational data center infrastructure, potentially leading to annual run rate cost savings of roughly $500 million by 2027. This technological advancement is expected to future-proof growth across both AI model training and Bitcoin mining sectors, as demonstrated by the integration of Core Scientific’s data center and cryptocurrency mining assets into CoreWeave's AI-focused GPU cloud platform.
By reducing cumulative future lease costs over 12 years and achieving cost savings, CoreWeave aims to enhance operating efficiency, gain more control over data center assets, and de-risk expansion plans, all while maintaining focus on finance and profitability across both sectors. The integration of these assets is anticipated to enhance profitability, scale operations, and secure CoreWeave's position as a leading provider in the realm of large-scale computational infrastructure that spans both AI model training and Bitcoin mining.
