Some bitcoin (BTC-USD) miners are shifting into artificial intelligence (AI) and selling their existing power to AI data centers as Big Tech companies look for power sources capable of meeting the energy-intensive needs of AI infrastructure.
Core Scientific (CORZ) CEO and president Adam Sullivan joins Madison Mills on Catalysts to talk about how the company is balancing its resources to facilitate crypto mining and AI data centers.
"We were the largest bitcoin mining company for the past three years, and that’s really driven by the fact that we had to bring in traditional data center people to actually run the business. That’s really been our differentiator," Sullivan tells Yahoo Finance.
The CEO says, "We think of ourselves as a digital infrastructure company. Whether we’re building data centers for bitcoin mining or to host hundreds of megawatts of the [Nvidia’s (NVDA)] GB200 that you guys were talking about earlier, you know, our core competency is driven through large-scale digital infrastructure."
Looking to 2025, the company expects "a relatively equal split" between crypto mining and AI. He adds, "Our expectation is to continue to grow the data center part of the business, which is just a radical shift from the high volatility bitcoin mining space moving into the data center space" as the "long-term contracts" provide "a lot of long-term and free cash flow stability that investors really enjoy."
Watch the video above to learn more about how Core Scientific is navigating to meet the needs of bitcoin mining and AI customers.
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