Bitcoin Miners’ Market Cap Up 22% After AI Hosting Deal with JPMorgan
Global investment bank JPMorgan has noted a significant uptick in investor interest in bitcoin miners following Core Scientific’s announcement of hosting 200 MW of GPUs for AI hyperscaler Coreweave.
JPMorgan reports a $4 billion increase in the combined market capitalization of 14 tracked miners since the announcement. Despite a decline in bitcoin’s value. The surge is attributed to the exploration of alternative profitable uses for mining facilities. And the high value and scarcity of power access. The tracked miners include Marathon Digital Holdings (MARA). Riot Platforms (RIOT), Cleanspark (CLSK), and others.
Core Scientific’s hosting deal with Coreweave, involving a $300 million capital investment, is expected to generate over $3.5 billion in revenue for Core Scientific during the initial 12-year contract period.
Clever Robot News Desk 25th June 2024
