Crypto companies are currently experiencing a significant increase in mergers and acquisitions, which is being driven by the increasing demand for AI infrastructure. Due to their extensive data centers, fiber line access, and substantial power capabilities throughout the United States, bitcoin mining companies are emerging as significant participants in AI-related transactions. Bitcoin miners facilities are extremely desirable due to the substantial computational resources required by the emerging AI industry. Core Scientific unveiled a recent agreement that is anticipated to generate an additional $1.2 billion in revenue over the course of 12 years, in addition to an existing agreement that is anticipated to generate $3.5 billion. Approximately 270 megawatts of infrastructure will be provided to CoreWeave by the company by the second half of 2025, with the potential to add an additional 230 megawatts at other sites.
Hut 8, a Miami-based bitcoin mining group, has secured $150 million in debt from private equity firm Coatue to develop its data center portfolio for AI applications. Hut 8 has transitioned to AI by inking a customer agreement with an AI cloud platform and procuring 1,000 Nvidia GPUs. AI now accounts for 6% of Hut 8's revenues, as per CoinShares. The combined market capitalization of the 14 main US-listed bitcoin miners tracked by JPMorgan reached a record high of $22.8 billion on June 15, marking a $4.4 billion increase in just two weeks. Bitcoin miners and crypto companies are establishing mergers, financing deals, and partnerships at a rapid pace to capitalize on the changing technological landscape as the AI boom continues.
