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The shares of Nuclear science (NASDAQ:CORZ) share, a Bitcoin (BTC USD) Miner, which also offers some hosting services, are up over 30% in early trading. The company is getting a boost as it announced it has signed a series of 12-year deals expected to be worth over $3.5 billion CoreWeavean artificial intelligence (AI) Hyperscalers.
Important information about Core Scientific offerings
Under the agreements, Core Scientific will host CoreWeave’s high-performance computing operations, including its AI chips from Nvidia (NASDAQ:NVDA). Core Scientific expects the deals to generate over $3.5 billion in revenue and predicts the company will be ready to provide hosting services for CoreWeave in the first half of 2025.
Core Scientific will generate approximately 200 megawatts of electricity to power CoreWeave’s operations.
Core Scientific’s longer-term goals
The company says its agreements with CoreWeave position it well to generate additional revenue by providing hosting services to other AI players. CoreScientific adds that entering the AI space while continuing Bitcoin mining will increase cash flow and reduce risk.
The company reported that demand for powerful AI hosting sites exceeds the supply of such facilities. It noted that discussions are already underway with other companies about hosting their high-performance computing operations.
Nuclear science has almost 500 megawatts of power that it can use for such undertakings.
Not entirely new territory for Core Scientific and CORZ shares
The company previously provided hosting services to CoreWeave between 2019 and 2022, and the two companies signed a new hosting agreement in March.
Under pressure from rising energy costs and low crypto prices, Core Scientific filed for bankruptcy in December 2022 and exited bankruptcy earlier this year.
Today it’s about stocks is resurrected 44% in the last month, while they had gained 34% in the last three months.
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At the time of publication, Larry Ramer did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s publication policies.