CumberlandThe agreement accelerates Core Scientific’s pivot from bitcoin mining toward AI data centers, following the termination of its ASIC agreement with Block.
Core Scientific lands AMD AI deal as bitcoin mining operation winds down
The agreement accelerates Core Scientific’s pivot from bitcoin mining toward AI data centers, following the termination of its ASIC agreement with Block.
Core Scientific signed a 15-year, 529 MW deal with AMD for AI infrastructure, potentially generating $14 billion in base contracted revenue. The partnership includes rights for AMD to reserve up to 1.9 gigawatts of additional capacity through 2028, expanding the total to 2.5 GW. The deal accelerates Core Scientific’s pivot from bitcoin mining toward AI data centers, following the termination of its ASIC agreement with Block.
Data center operator Core Scientific (CORZ) announced an infrastructure partnership with Advanced Micro Devices (AMD) anchored by 15-year leases for 529 megawatts of U.S. AI capacity, which the company said could generate more than $14 billion in base contracted revenue.
The capacity is expected to support AMD customer deployments beginning in 2027. The agreements give AMD, under certain conditions, the right to reserve another 1,925 MW through Dec. 28, 2028, potentially expanding the partnership to roughly 2.5 gigawatts.
AMD directly leased 377 MW across Core Scientific sites in Pecos and Hunt County, Texas, and Muskogee, Oklahoma, according to the company’s quarterly filing.
An unnamed cloud provider leased another 152 MW in Auburn, Alabama, and Dalton, Georgia, under agreements supported by AMD.
Core Scientific and AMD will collaborate on data-center design and the deployment of AMD Instinct graphics processing units, EPYC processors and ROCm software, the companies said.
AMD also received warrants to purchase up to 30 million Core Scientific shares at $23.47 per share. About 6.5 million vested when the initial leases were signed, with further warrants vesting as additional capacity is contracted.
The agreements lift Core Scientific’s leased customer capacity to roughly 1.1 GW, representing more than $24 billion in potential contracted revenue. The company was billing customers for 437 MW as of mid-July, equivalent to about $635 million in annualized colocation revenue.
The partnership accelerates Core Scientific’s move away from bitcoin mining. Colocation generated $136.7 million, or 83% of its $164.2 million in second-quarter revenue, while self-mining revenue fell 66% to $21.5 million.
Core Scientific also terminated an agreement to buy Block’s (XYZ) bitcoin-mining chips and recorded a $41.9 million charge as a result. The 2024 agreement covered 3-nanometer chips representing roughly 15 EH/s of hashrate.
The data center operator held 848 BTC worth $49.7 million on June 30, up from 547 BTC three months earlier. It sold 2,385 BTC for $208.2 million in the first quarter of the year.
CORZ shares are up 5.6% in pre-market trading. AMD is lower by 4% as chip stocks continue to sell off.
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Binance makes fighting crypto crime more difficult, says new report
Apple kept fake bitcoin wallet on App Store after $875,000 theft report, lawsuit alleges
BitMEX and BitMart may be first casualties of crypto trading slump