Bitcoin miners sink millions into AI businesses, seeking billions in return
Publishing timestamp: 2024-06-04 13:05:34
Summary
Core Scientific, a bitcoin miner, is expanding into the artificial intelligence market through a deal with CoreWeave. Many bitcoin mining firms are diversifying into AI as revenue from crypto mining decreases. The overlap between bitcoin mining and AI activities is leading to competition for resources. Companies like Bit Digital, Hut 8, and Hive are generating revenue from AI services. Core Scientific plans to convert some of its bitcoin mining infrastructure into HPC data centers. Clean energy, particularly nuclear power, is becoming popular among miners to meet the increasing energy demands of AI workloads. Warren Buffett's Berkshire Hathaway owns a significant portion of the T-bill market. JPMorgan and Morgan Stanley recommend investing in global tech stocks like Nvidia to capitalize on the AI boom.
Sentiment: MIXED
Tickers: APLD, CORZQ, CORZ, NVDA, BTC.CM=,
Keywords: fintech, nvidia corp, bitcoin/usd coin metrics, bitcoin, cryptocurrency, core scientific inc, applied blockchain inc, breaking news: technology, technology, energy, business news,