ChainCatcher news, according to The Block, Core Scientific CEO Sullivan said in an interview with analysts that Bitcoin miners can achieve "exponential" growth through its artificial intelligence data center services in the next few years. However, this depends on whether the company can prove its ability to deliver gigawatt-level artificial intelligence data centers to customers other than its initial customer CoreWeave.
“Another 500MW or 1GW of contracted deals over the next few years would take us from being a $2.5 billion company to potentially being a $25 billion to $30 billion company,” Sullivan said.
Sullivan, a former investment banker, joined the company in April 2023, four months into Chapter 11 bankruptcy proceedings after bitcoin prices plunged in the 2022 bear market, just as energy prices surged. However, after successfully emerging from bankruptcy in January this year, Core Scientific signed a 12-year deal with AI hyperscaler CoreWeave that could bring in as much as $3.5 billion in total revenue.
Sullivan said Core Scientific had previously worked with CoreWeave on ethereum GPU mining before switching to the proof-of-stake consensus mechanism, and reopened conversations with the company about the possibility of a switch in late 2023.
