NVIDIA splashes $2 billion! Has the CRWV rebound cycle begun?
Crypto Miners Lead an Agenda Revolution! Who has the potential to be the next Coreweave?
Powered by AI, numeracy is the “oil” of a new era.
With Bitcoin falling by half, leading to lower mining rewards, many miners are looking for new ways of life.And AI is shaping up to be the direction of transformation for mining companies.
Last Week, Global Technology Leaders $Alphabet-C (GOOG.US)$ FluidStack and Bitcoin Mining Companies Through AI Platform $TeraWulf (WULF.US)$ 's partnership, and acquired an 8% shareholding in TeraWulf. TeraWulf's share price plunged 59% on the day.TeraWulf's collaboration with Yakuba further solidifies the path of this mining conglomerate's shift towards the AI Industry.
Crypto Miners Embrace AI
At the moment, there is a clear route map in front of the cryptocurrency core: transfer the machine to the AI Server dedicated to Bitcoin mining. In fact, many miners have been able to transform our facilities in recent years to meet the needs of the transformation of the football market.
Among them,THE MOST SUCCESSFUL MOSQUITOES WITH NVIDIA ADULT CHILDREN $CoreWeave (CRWV.US)$,Originally a cryptocurrency mining operator, the company turned its 2018 earnings into a Super New Week for the Power Industry.
With the removal of CoreWeave, many mining companies are in disarray.
August 2025, Bitcoin Mining $MARA Holdings (MARA.US)$ Plans to acquire a stake in a French power subsidiary for US$0.168 billion. The move signals that the mining giant is trying to enter the field of artificial intelligence as an infrastructure provider.
In July 2025, CoreWeave Announces Procurement of All Stocks with a Total Value of Approximately $9 billion $Core Scientific (CORZ.US)$ The goal is to expand the capacity of the Identity Data Center. The Trade in All Stocks is valued at approximately $9 billion and CoreWeaveCoreWeave indicates that the trade is expected to be completed in Q4.
March 2025, $Galaxy Digital (GLXY.US)$ Announcing a 15-year AI computing lease agreement with CoreWeave on Friday, Galaxy will deliver 133kWh of key IT loads utilizing a total power capacity of 200 kWh to host CoreWeave's AI and high-performance computing infrastructure facilities at the Helios Data Center Park in West Texas.
January 2025, $Riot Platforms (RIOT.US)$ Pause a 600MW Bitcoin mine expansion plan elsewhere in Corsica and begin reselling the mine to super-scale data centers and artificial intelligence companies.
On June 25, 2024, crypto miners $Hut 8 (HUT.US)$ Subsidiary Highrise AI invested US$0.15 billion in Coatue Hedge Funds to build AI-related infrastructure facilities.
2023, $HIVE Digital Technologies (HIVE.US)$ Announced that some computing resources will be used for AI.
Duma said that with the development of AI technology, the demand for electricity has increased sharply,These energy infrastructure facilities primarily used for Bitcoin mining can be converted into Precious Assets to support AI data centers.This conversion not only improves the economic efficiency of these sites, but also reduces the time and cost of building new data centers.
In fact, mining has its unique advantages in transforming AI data centers, in particular:
1. Power cost advantage
Mine power supply systems are directly reusable, and mining enterprises have significantly lower electricity purchase prices than data center market purchase prices.
2. Ready-made infrastructure
High efficiency:It will take 3-5 years to build a new HPC data center, a waiting period of up to 6 years for grid access, and the mining company's existing facilities can be activated instantly;
Low cost:AI data center construction costs more than $10 million/MW and mine conversion costs only $0.3-0.5 million/MW. Miners in areas such as Texas and North Dakota have locked in low-cost power agreements and have the ability to scale energy.
Who has the potential to be the next Coreweave?
In the future, these miners hope to effectively replicate the success of CoreWeave. CoreWeave's current revenue has grown by $2 billion to $1.21 billion and is valued at $48 billion.
Let's see specifically:
Cryptocurrency miner and AI infrastructure company Irene, according to its latest monthly update, has met Bitcoin mining capacity targets of 50eh/s for the previous year, while expanding its AI cloud business with nearly 2,400 NVIDIA Blackwell GPUs.
In July, revenue from the company's AI cloud services division continued to grow by 4% to $2.3 million, with hardware profit of $2.3 million and a profit margin of 98%.
The company previously emphasized that the Blackwell architecture has brought significant improvements in terms of performance and efficiency,Making IREN one of the first cloud service providers to offer next-generation computing capabilities in a supply constrained market.
Additionally, Iren pointed out earlier that the Prince George facility has 50MW of dedicated power and can eventually hold more than 20,000 Blackwell GPUs, providing a clear path for incremental expansion. The Company is evaluating various financing options to support the growth of its Services Business. It is worth noting that this company's share price has been depreciating this year.
Applied Digital is one of NVIDIA's Hold Positions, a company that doesn't live in a big city.Applied Digital is one of the leading miners to build HPC data centers.
APLD is the first cryptocurrency mining infrastructure facility to adapt to AI and High Performance Computing (HPC) fields not later than 2022. The main focus is to build large data centers to provide computing power to AI and AI companies.
Currently, APLD and CoreWeave have signed a combined total of US$7 billion for a 15-year lease, the largest Trade in APLD's history and the largest ever seen in the AI Data Center Industry.
In August 2025, with the support of $1.8 billion+a combined $3.7 billion acquisition of Bitcoin miner TeraWulf (WULF.US), acquired 41 million warrants, becoming a landmark event for Cryptos and AI financing.
TeraWulf is a crypto mining company that has converted from Bitcoin mining to HPC service provider from Bitcoin Mining to HPC service provider with 345kV transmission grid, closed water cooling system and ultra-low time delay fiber network from Bitcoin mining to HPC service provider. It has signed a ten-year agreement with the AI platform FluidStack to provide 200MWh (200MW) “Apower Counseling. The total value of the contract will reach US$8.7 billion.
Yaoka has joined TeraWulf to provide capital support to TeraWulf, further validating the strategic value of its coal power that drives AI, marking a shift in the mining business model from a volatile currency to a stable computing service.
Earlier this year, Cipher Mining CEO outlined the company's strategic transformation from Bitcoin mining to a data center.
It is worth noting that Cipher Mining received a $50 million investment from SoftBank, and SoftBank will buy about 10.4 million shares of the Bitcoin miner's ordinary shares. This financing method is used in the form of public equity investment.The funds will be used to support Cipher's high-performance computing (HPC) and AI data center infrastructure construction.
In 2023,Bit Digital announces the release of Bit Digital AI.Bit Digital AI is a new line of business that will provide professional infrastructure to support the Adult Artificial Intelligence (AI) workflow.
According to the latest news, Bit Digital plans to divest itself of Bitcoin mining and become a leading Ethereum mining and storage company focused on pure Ethereum mining and storage. The Importance of HPC Business Under Bit Digital $WhiteFiber (WYFI.US)$ Brand Development, This Company Operates GPU Cloud Services and eNovum Platform-based Data Centers.
The company has also recently been officially listed on the US stock market,This IPO financing will be used primarily to expand high-performance computing infrastructure and develop next-generation liquid-cooled technologies, suggesting that AI computing infrastructure construction is accelerating.
The company currently operates two data centers with a total power of 48 megawatts. Its new park in Virginia is expected to be operational by 2026, adding 100 megawatts of capacity. According to the prospectus, the company's revenue in fiscal 2024 reached US$0.12 billion, an increase of 210% year-on-year, and the net loss narrowed to US$18 million.This Financial Statement is a testament to the tremendous dive in the AI Data Center Industry.
Riot started exploring AI and High Performance Computing (HPC) Business in 2025.An evaluation is underway to convert up to 600MW of capacity in other Corsicana Park areas in the region of Texas to a high performance infrastructure facility. This strategic shift led to the suspension of plans for further expansion of Bitcoin Minerals in the region. Riot has not signed any major AIs, but the Corsicana Park area covers a maximum of 1 gigawatt power to absorb the power of supermodel customers.
“We will continue to expand our land reserves to ensure the Corsicana facility supports AI data center needs,” CEO Jason Les said.
It is noteworthy that in early June, the company announced the appointment of Jonathan Gibbs as Chief Executive Officer of its other data center. Jonathan Gibbs has over 15 years of experience in large data center design and construction, with an investment portfolio of over one kilowatt capacity in North America, Europe, and Asia.
Hut 8's AI strategy will enter a full-fledged phase in September 2024, and the company will launch a GPU-as-a-service (GPU-as-a-service) business through innovator HighRise AI.
In retrospect, Hut 8 has a 1,000-chip Nvidia H100 GPU—this kind of professional chip-based application for AI model training and management, helping to outsource AI power services. The project will be arranged for a period of five years, including fixed payments and revenue sharing agreements.
IN MARCH 2024, MARA RELEASED THE MARA 2PIC700,This is an immersion cooling system designed for high-density computing, including AI and crypto mining.By mid-2024, the company will reposition its overall strategy to an “edge computing” layout.
At the beginning of 2025,MARA has launched two high-performance computing pilot sites,A 2PIC700 cooling system is used at each site, and the power of a single site is about 30 MW.
Galaxy Digital and computing company CoreWeave have signed a 15-year lease agreement to provide 133kWh of electricity to other Helios data centers in Texas, with projected revenues of around $4.5 billion through the lease agreement. This measure not only demonstrates Galaxy Digital's strength in Digital Assets, but also sets a solid foundation for future market expansion.
The analysis shows that Galaxy's acquisition of the Helios data center was originally an emergency in the crypto winter, but became a key growth engine after AI demand arose. Rittenhouse expects Helios to deliver $1.7 billion EBITDA and $320 equity value, far outpacing the volatility and high investment of the Mining Business.
Hive started in 2023, with a focus on NVIDIA's computing powerhouse, through a rebranding from Hive Blockchain.
After an early small-scale trial, Hive invested $30 million in December 2024 to deploy GPUs in Quebec, Canada. As of mid-2025, more than 5,000 devices have been deployed.
In FY 2025, Hive had a total revenue of US$0.1153 billion, while AI and High Performance Computing (HPC) managed Business of US$10.1 million—three quarters in the same period last year, and the total revenue was now close to 9%.Hive aims to achieve $0.1 billion in AI revenue by 2026.
HIVE recently announced the acquisition of a 7.2 megawatt data centre in Toronto, Canada. HIVE plans to transform it into a Tier 3 data center for its subsidiary BUZZ HPC, capable of accommodating up to 5000 next-generation liquid-cooled GPUs.This move is clearly intended to meet the needs of AI model training and reasoning.
BUZZ HPC President Craig Tavares highlighted the strategic importance of establishing a “Sovereign AI Data Centre” to ensure Canadian data residency and security. This is in line with the global race to build domestic AI infrastructures.
Speaking of crypto owners, HIVE represents another important step towards diversifying AI and ETF service providers, creating new events for investors that are not unlike the daily price swings of cryptocurrencies.
Earlier in the year, Bitfarms announced a strategic partnership with Appleby Strategy Group (ASG) and World Wide Technology (WWT). According to a report from GlobeNewswire, this collaboration will perform a full range of performance analysis on High Performance Computing (HPC) and Artificial Intelligence (AI) applications in the Bitfarms North America region.
On November 10, 2023, Bitdeer entered into a partnership agreement with US chipmaker NVIDIA to become the first Cloud Service Provider (CSP) to provide DGX H100 SuperPods in Asia.
BITCOW WILL SHARE NVIDIA'S PREFERRED PROCUREMENT RIGHTS TO PROVIDE GPU SERVICES FOR THE DEVELOPMENT AND TRAINING OF AI MODELS. THIS NEWS WAS ANNOUNCED AT A NEWS RELEASE AT NVIDIA'S SINGAPORE OFFICE, SHOWING THE FOCUS OF BITTERKOO'S FOCUS ON PARTNERING WITH NVIDIA PARTNERS.
Bitcoo's AI development pipeline includes infrastructure construction, platform, software support, and application APIs. By partnering with NVIDIA, Bitcoo will be seamlessly deployed on GPUs, DGX, and Superpod infrastructure installations, and will introduce computing platforms, AI training and management platforms, AI software tools, and application interfaces to provide all-round support for AI development.
As a whole, the core of the shift towards AI/HPC is becoming increasingly integrated into the revenue structure. CoreWeave and TeraWulf have verified the valuation premium of the Capital Markets against power service providers,Infrastructure performance will translate into sustainable profitability, which will become the core of the company's success in the Industry cycle.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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