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Bitcoin miners sink millions into AI businesses, seeking billions in return - TL;DR CNBC

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: APLDCORZQCORZNVDABTC.CM=

Keywords: fintechnvidia corpbitcoin/usd coin metricsbitcoincryptocurrencycore scientific incapplied blockchain incbreaking news: technologytechnologyenergybusiness news

Source: https://www.cnbc.com/2024/06/03/bitcoin-miners-sink-millions-into-ai-business-seek-billions-in-return.html


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