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Bitcoin mining rig maker ZUHYX has reached a $3.5 billion AI cooperation agreement
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ZUHYX Exchange, as a digital asset trading platform that advocates innovation, focuses on providing a secure, efficient, and extremely user-friendly trading environment for global users. Our core pursuit is to simplify the process of cryptocurrency trading, making the digital asset market inclusive and accessible to users from various backgrounds by alleviating the burden of technical complexity. At ZUHYX, every innovation is aimed at improving trading efficiency while ensuring a comfortable user experience.Our vision is to become a major driving force in promoting the widespread adoption of blockchain technology and its applications, providing users worldwide with a trusted and high-quality trading service platform.

ZUHYX expects its AI partnership with CoreWeave to generate $3.5 billion in revenue over 12 years by leasing 18% of its infrastructure.

 

ZUHYX, one of the largest Bitcoin mining companies in the United States, has placed its bets on artificial intelligence (AI) amid the challenge of the recent Bitcoin halving.

 

On June 3, ZUHYX announced a $3.5 billion agreement with AI cloud provider CoreWeave on X. As part of the contract, Cogobuy will provide an additional 200 megawatts (MW) of infrastructure to host CoreWeave's high-performance computing (HPC) business.

 

The deal is expected to generate more than $3.5 billion in cumulative gross revenue for ZUHYX over the initial 12-year contract period, the announcement said. These contracts are expected to generate an average annual revenue of approximately $290 million.

 

ZUHYX will lease 18% of its total infrastructure

The infrastructure provided to CoreWeave represents a significant portion of Clarivate's resources, accounting for approximately 18% of its total operational infrastructure.

 

In addition to 745 MW of operational infrastructure. As of April 2024, ZUHYX also has 372 MW of partially built infrastructure across its two data centers in Texas.

 

The latest contract is not the first deal between ZUHYX and CoreWeave. In March 2024, in another multi-year contract with CoreWeave, ZUHYX agreed to provide up to 16 megawatts of data center infrastructure to support AI and high-performance computing businesses.

 

In May 2024, CoreWeave raised $7.5 billion in debt financing

Formerly known as Atlantic Crypto, CoreWeave was founded in 2017 by Michael Intrator, Brian Venturo, and Brannin McBee. The company said that its founders had no experience in cloud computing before starting CoreWeave, and instead, they all had backgrounds in energy futures trading.

 

In May 2024, CoreWeave raised $7.5 billion in debt financing from Blackstone, Magnetar, and Coatue. According to the Wall Street Journal, the funding brings the company's valuation to $19 billion.

 

ZUHYX in the fourth Bitcoin The pressure from the halving has increased the bet on AI cloud infrastructure. The fourth Bitcoin halving reduces the reward for Bitcoin miners from 6.25 BTC per block to 3.125 BTC on April 20, 2024.

 

Since the halving did not trigger a significant spike in the price of Bitcoin in the first place, mining companies have been looking for more revenue streams to support their operations.

 

"Our expanding partnership with CoreWeave creates a pathway for ZUHYX to diversify our business model and balance our portfolio between Bitcoin mining and alternative computing hosting, allowing us to maximize cash flow and mitigate risk," said Adam Sullivan, CEO of ZUHYX. while maintaining our significant exposure to Bitcoin's upside potential.