The "Cryptos Week" is approaching! Three key bills are under review, will there be significant changes in the crypto space?
Bitcoin miners are igniting an AI boom! What other companies have hidden potential?
Driven by AI, computing power has become the "oil" of the new era.
Overnight, "NVIDIA's favorite" $CoreWeave(CRWV.US)$ issued a statement announcing the agreement to acquire through an all-stock transaction valued at approximately 9 billion USD. $Core Scientific(CORZ.US)$ The purpose is to expand its own data center capabilities.
According to documents, CoreWeave will acquire shares at a ratio of 0.1235 shares of CoreWeave Class A common stock for each share of Core Scientific stock, which, based on the closing price of CoreWeave on July 7, values Core Scientific at approximately 19.72 USD per share, a 33% premium over the current stock price.
This transaction is expected to be completed in the fourth quarter of 2025, pending approval from regulatory authorities. After the deal is completed, Core Scientific's Shareholders will hold less than 10% of the shares of the combined company.
The market's response to this acquisition has been somewhat lukewarm, mainly because the method of acquisition is an all-stock transaction. An all-stock transaction is a way to achieve corporate merger through equity exchange, where the acquirer exchanges its own stock for control of the target company, and the target company's Shareholders become Shareholders of the newly merged company. The core advantage lies in avoiding cash expenditures and potential tax benefits, but the trade-off is that the existing Shareholders of the acquirer experience dilution of their ownership, and the transaction value is significantly influenced by stock price volatility.
However, CoreWeave CEO Michael Intrator stated: "This acquisition accelerates the strategy for large-scale deployment of AI and high-performance computing (HPC) workloads."
In fact, as Bitcoin's "halving" leads to a reduction in mining rewards, more and more mining companies are seeking new ways to survive. AI has become the direction for these companies' transformation.
The rapid development of artificial intelligence and the surge in demand for data centers have made it difficult for traditional facilities to meet high-density computing needs. Bitcoin miners, with their large-scale power infrastructure and specialized operational experience, can meet the enormous energy demands of AI data centers.
Then, in the U.S. stock market, besides Core Scientific, which other companies are worth paying attention to?
Futubull has compiled a list of some Bitcoin miners for investors' reference:
Specifically, these miners have all embraced AI one after another.
Cryptocurrency mining and AI infrastructure company IREN, according to the latest monthly update, has achieved its mid-year Bitcoin mining capacity target of 50EH/s and is expanding its AI cloud business with approximately 2,400 NVIDIA Blackwell GPUs.
In June, the company's AI cloud service department continued to grow, reaching $2.2 million in revenue, with hardware profit of $2.1 million and a profit margin of 98%.
The company emphasized that the Blackwell architecture provides significant improvements in performance and efficiency, making IREN one of the first cloud service providers to offer next-generation computing power in constrained supply markets.
In addition, IREN previously pointed out that its Prince George facility has a dedicated power capacity of 50MW, which can ultimately accommodate over 20,000 Blackwell GPUs, providing a clear path for phased growth. The company is also evaluating various financing options to support the growth of its AI cloud service Business.
Applied Digital is a company that many are likely familiar with, as it is one of the holdings of NVIDIA. Applied Digital is one of the first miners to transition to building HPC data centers.
APLD initially focused on infrastructure for Cryptos mining; however, since 2022, they have shifted their direction towards AI and high-performance computing (HPC), primarily building large data centers to provide computing power support for companies involved in AI and cloud computing.
Previously, APLD announced that it had signed two contracts worth up to 7 billion dollars with CoreWeave, with a lease term of 15 years, making it the largest Trade in APLD's history and a rare large long-term contract in the entire AI data center Industry.
At the beginning of this year, the CEO of Cipher Mining outlined the company's strategic transformation from Bitcoin mining to data center development.
Notably, Cipher Mining secured a $50 million investment from SoftBank, which will purchase approximately 10.4 million shares of the Bitcoin miner's common stock. This financing was conducted through a public equity investment, and the funds will be used to support Cipher's high-performance computing (HPC) and AI data center infrastructure development.
In 2023, Bit Digital announced the launch of Bit Digital AI. Bit Digital AI is a new business line that will provide specialized infrastructure to support generative artificial intelligence (AI) workflows.
According to the latest news, Bit Digital plans to abandon Bitcoin mining and transition into a company focused on "pure Ethereum staking and reserves."
The HPC business under Bit Digital primarily operates under the WhiteFiber brand, offering GPU cloud services and data centers like the Enovum platform.
It is worth noting that Bit Digital announced in June that WhiteFiber has secretly submitted an IPO application to the SEC. Recently, WhiteFiber's trading has also highlighted its development momentum:
A five-year, 5MW mainframe hosting agreement was signed with AI infrastructure leader Cerebras Systems, which began operation in July (with expected development costs of 40 million dollars).
Announced a strategic partnership with the leading multi-cloud GPU market Shafeform, starting in April to provide on-demand NVIDIA B200 GPUs to customers.
New contracts were signed with Boosteroid (annualized 2.1 million dollars) and DNA Fund (annualized 20.9 million dollars).
These agreements highlight WhiteFiber's positioning as a provider of AI computing intensive workload infrastructure. Bit Digital's cloud service revenue increased by 84% year-on-year in the first quarter, while Bitcoin mining revenue saw a significant decline.
Riot began exploring AI and high-performance computing (HPC) business at the beginning of 2025, officially launching an evaluation to transform its capacity of up to 600 megawatts located in the Corsicana site in Texas into high-performance infrastructure. This strategic shift has also led to a suspension of plans to further expand Bitcoin mining facilities in that area. Although Riot has not signed any significant AI contracts yet, its Corsicana site covers 355 acres and has the potential to support up to 1 gigawatt of electricity in the future, attracting hyper-scale customers.
CEO Jason Les stated, "We will continue to expand our land reserves to ensure that the Corsicana facility supports the demand for AI data centers."
Notably, in early June, the company announced the appointment of Jonathan Gibbs as its Chief Data Center Officer. Jonathan Gibbs has over 15 years of experience in large data center design and construction, with a past portfolio that includes over one thousand megawatts of capacity across North America, Europe, and Asia.
Hut 8's AI strategy will enter a substantial phase in September 2024, as the company officially launches its GPU-as-a-Service business through a newly established subsidiary, Highrise AI.
After transformation, Hut 8 deployed over 1,000 NVIDIA H100 GPUs—these specialized chips are widely used in AI model training and inference, supporting its cloud AI computing power services. This project is accompanied by a five-year agreement that includes fixed payments and revenue sharing.
In March 2024, MARA released the MARA 2PIC700, an immersion cooling system designed for high-density computing power, including AI and crypto mining. By mid-2024, the company will reposition its overall strategy to focus on "edge computing" layout.
In early 2025, MARA launched two high-performance computing pilot sites, each equipped with the 2PIC700 cooling system, with a power capacity of about 30 megawatts per site.
In 2024, Bitcoin miners and digital infrastructure provider Terawulf signed an agreement to provide over 70 megawatts of data center infrastructure to Core42, a subsidiary of G42 specializing in artificial intelligence (AI) and cloud services.
This collaboration marks Terawulf's strategic entry into the AI-driven high-performance computing (HPC) hosting sector while continuing to focus on profitable Bitcoin (BTC) mining. By primarily utilizing zero-carbon energy, Terawulf aims to integrate sustainability into its expanding digital infrastructure portfolio.
Galaxy Digital has signed a 15-year lease agreement with cloud computing company CoreWeave to provide 133 megawatts of power for its Helios data center located in Texas, with expected revenue of approximately 4.5 billion dollars through this lease agreement. This move not only demonstrates Galaxy Digital's strong strength in the digital asset field but also lays a solid foundation for its future market expansion.
Analysis indicates that Galaxy's acquisition of the Helios data center was originally an emergency measure during the crypto winter, but after the explosion in AI demand, this asset has become a key growth engine. Rittenhouse estimates that Helios will bring in 1.7 billion dollars in EBITDA and a 32 billion dollars equity value, far exceeding the volatility and high input of the mining business.
Starting from mid-2023, Hive has officially transformed and focused on AI by rebranding from Hive Blockchain and concentrating on NVIDIA computing clusters.
After conducting a small-scale pilot, Hive invested 30 million dollars in December 2024 to deploy GPUs in Quebec, Canada. As of mid-2025, over 5,000 devices have been deployed.
In the fiscal year 2025, Hive achieved total revenue of 0.1153 billion dollars, with the AI and high-performance computing (HPC) hosting business contributing 10.1 million dollars—three times that of the same period last year, currently accounting for nearly 9% of total revenue. Hive aims to achieve 0.1 billion dollars in AI revenue in 2026.
HIVE recently announced the acquisition of a 7.2 megawatt data center located in Toronto, Canada. HIVE plans to transform it into a Tier 3 data center for its subsidiary BUZZ HPC, capable of accommodating up to 5,000 next-generation liquid-cooled GPUs. This move is clearly aimed at meeting the demands of AI model training and inference.
BUZZ HPC President Craig Tavares emphasized the strategic importance of establishing a "sovereign AI data center" to ensure data residency and security in Canada. This coincides with the global trend of countries competing to build domestic AI infrastructure.
For HIVE, which started from crypto mining, this represents an important step towards evolving into a diversified AI and cloud service provider, creating a new narrative for investors that is less dependent on daily fluctuations in cryptocurrency prices.
At the beginning of the year, Bitfarms announced a strategic partnership with Appleby Strategy Group (ASG) and World Wide Technology (WWT). According to GlobeNewswire, this collaboration aims to conduct a comprehensive feasibility analysis of Bitfarms' high-performance computing (HPC) and artificial intelligence (AI) applications in North America.
$Bitdeer Technologies(BTDR.US)$
On November 10, 2023, Bitdeer reached a partnership agreement with American chip giant NVIDIA, becoming the first Cloud Service Provider (CSP) partner in Asia to offer DGX H100 SuperPOD cloud services.
Bit Digital will enjoy priority supply rights from NVIDIA, providing GPU cloud services for the development and training of AI models. This news was announced at a press conference in NVIDIA's Singapore office, highlighting Bit Digital's importance of the title "NVIDIA Partner."
Bit Digital's AI development roadmap includes infrastructure construction, cloud platforms, software support, and application APIs among other services. Through collaboration with NVIDIA, Bit Digital will continuously invest in infrastructure such as GPUs, DGX, SuperPod, and launch services like cloud computing platforms, AI training and inference platforms, AI software tools, and application interfaces to provide comprehensive support for AI development.
Summary
Overall, Bitcoin mining sites usually possess substantial power infrastructure, which can be repurposed to support the operation of data centers, especially in the energy-intensive sectors of AI and big data processing.
With the development of AI technology, the demand for electricity has surged, and the energy infrastructure originally used for Bitcoin mining can be transformed into valuable assets supporting AI data centers. This conversion can not only enhance the economic benefits of these sites but also reduce the time and cost required to build new data centers.
