Whinstone CEO Chad Harris takes CNBC on a tour of the largest bitcoin mine in North America.
Crypto companies are suddenly at the center of deal-making. The catalyst is artificial intelligence.
Bitcoin mining companies have expansive data centers, with access to fiber lines and large amounts of power across the U.S. They’re exactly the types of facilities needed for compute-intensive AI operations, which means their sites and technology are in high demand.
Meanwhile, miners need to diversify. Following the bitcoin halving in April, an event that happens about once every four years, the business of generating new tokens has become much less profitable. JPMorgan Chase analysts wrote in a report earlier this month that “some operators are feeling the financial pinch from the recent block reward halving, which cut industry revenues in half, and are actively exploring exit strategies.”
With the burgeoning AI industry in need of capacity and bitcoin miners in search of new ways to generate returns on their hefty capital investments, mergers, financings and partnerships are rapidly coming together.
On Tuesday, U.S. bitcoin miner Core Scientific announced an expanded deal with CoreWeave, an Nvidia-backed startup that’s one of the main providers of the chipmaker’s technology for running AI models. Core Scientific will deliver 70 megawatts of computing infrastructure to support CoreWeave’s operations.
Core Scientific said the deal will generate an additional $1.2 billion in revenue over 12 years, on top of an existing arrangement that is expected to bring in $3.5 billion. In total, the company plans to provide about 270 megawatts of infrastructure to CoreWeave by the second half of 2025, with the possibility of adding an additional 230 megawatts at other Core Scientific sites.
Earlier this month, CoreWeave offered to buy Core Scientific for $1.02 billion, not long after their initial agreement. Core Scientific rejected the bid. The company, which returned to the public market in January after going through bankruptcy, is currently worth about $1.8 billion.
“The world is changing, and many data centers built in the last 20 years are not suitable to support future computing requirements,” Core Scientific CEO Adam Sullivan said in Tuesday’s press release.
Hut 8, based in Miami, is one of many crypto mining companies pivoting to AI. The company said in its first-quarter earnings report last month that it had purchased its first batch of 1,000 Nvidia graphics processing units (GPUs) and secured a customer agreement with a venture-backed AI cloud platform. Hut 8 generates 6% of sales from AI, according to CoinShares.
“The broader market is beginning to appreciate the scarcity of high-quality power assets, and Hut 8 has built a deep pipeline of highly attractive expansion assets,” Robert Yin, a partner at Coatue, said in the financing announcement.
Hut 8 CEO Asher Genoot recently told CNBC his company “finalized commercial agreements for our new AI vertical under a GPU-as-a-service model, including a customer agreement which provides for fixed infrastructure payments plus revenue sharing.”
Bit Digital dumps tokens to buy GPUs
Bit Digital, a bitcoin miner that now derives an estimated 27% of its revenue from AI, said on Monday that it had entered into an agreement with a customer to supply 2,048 Nvidia GPUs over three years, doubling the number of processors it has providing the unspecified client.
To fulfill the contract, Bit Digital ordered 256 servers from Dell Technologies, and will soon deploy them at a data center in Iceland. The company said the contract is expected to generate $92 million in annual revenue. It’s paying for the GPUs, in part, by dumping some crypto.
“The Company intends to finance the deal with a mixture of cash and digital assets on the balance sheet,” Bit Digital said.
Bit Digital also entered a so-called sale-leaseback agreement for half of the new GPUs, “which will reduce the company’s capital outlay commensurately.” With the leaseback, another company owns those GPUs, and Bit Digital leases them back, generating revenue by providing the technology to customers.
People wait in line for t-shirts at a pop-up kiosk for the online brokerage Robinhood along Wall Street after the company went public with an IPO earlier in the day on July 29, 2021 in New York City.
Spencer Platt | Getty Images
While most of the recent crypto deals involve miners, there has been at least one big notable exception.
Earlier this month, trading platform Robinhoodagreed to a deal to buy Bitstamp, a Luxembourg-based crypto exchange, for around $200 million in cash.
Bitstamp holds 50 active licenses and registrations across the globe, and is popular in Europe and Asia. The purchase helps Robinhood, a retail-focused trading app, bolster its crypto operation to better take on Binance and Coinbase.
The deal, due to close next year, comes as Robinhood faces regulatory challenges in the U.S. over its crypto dealings. In May, the company said it received a Wells notice for its crypto operations. The Securities and Exchange Commission has also sued Coinbase and Binance.
Robinhood had $4.7 billion in cash and equivalents at the end of the first quarter. Its stock is up 75% this year.
In a bid to keep up with the rapid growth of EVs, Chicago Department of Transportation (CDOT is currently seeking public feedback on a plan called “Chicago Moves Electric Framework.” The city’s first such plan, it outlines initiatives that include a curbside charging pilot through the city’s utility, ComEd, and expanded charging access in key areas throughout the city.
Unlike other such plans, however, the new plan aims to focus on bringing electric vehicle charging to EIEC and low income communities, too.
“Through this framework, we are setting clear goals and identifying solutions that reflect the voices of our residents, communities, and regional partners,” said CDOT Commissioner Tom Carney. “By prioritizing equity and public input, we’re creating a roadmap for electric transportation that serves every neighborhood and helps drive down emissions across Chicago.”
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Neighborhoods on the south and west sides of Chicago experience a disproportionate amount of air pollution and diesel emissions, largely due to vehicle emissions according to CDOT. Despite that, most of Chicago’s public charging stations are clustered in higher-income areas while just 7.8% are in environmental justice neighborhoods that face higher environmental burdens.
“Too often, communities facing the greatest economic and transportation barriers also experience the most air pollution,” explains Chicago Mayor Brandon Johnson. “By prioritizing investments in historically underserved areas and making clean transportation options more affordable and accessible, we can improve both mobility and public health.”
The Framework identifies other near-term policy objectives, as well – such as streamlining the EV charger installation process for businesses and residents and implementing “Low-Emission Zones” in areas disproportionately impacted by air pollution by limiting, or even restricting, access to conventional medium- and heavy-duty vehicles during peak hours.
The Chicago Moves Electric Framework includes the installation of Level 2 and DC fast charging stations in public locations such as libraries and Chicago’s Midway Airport, “supporting not only personal EVs but also electric taxis, ride-hail and commercial fleets.”
Chicago has a goal of installing 2,500 public passenger EV charging stations and electrifying the city’s entire municipal vehicle fleet by 2035.
Electrek’s Take
ComEd press conference at Chicago Drives Electric, 2024; by the author.
Bodo G-Wagon electric golf cart; via Mecum Auctions.
With a fully-enclosed, G-Wagen-inspired body and an 80 mile electric range, the Bodo G-Wagon golf cart is the NEV you need when you decide it’s time to get serous one-upping the rest of the Palm Beach country clubbers.
The shiny black 2024 Bodo G-Wagon sold at Mecum Auctions last month for $31,900, which seems like it might not be a lot of money to the sort of person who decides to take a flyer on a goofy, limited-use EV that ships with real, metal doors, power windows, heating and air conditioning, fully digital instrument cluster and infotainment, and a “posh,” caramel leather interior.
It even has windshield wipers, power steering, and a rear-seat entertainment system that’s built into the front headrests!
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It’s really nice in there
Under the hood, the Bodo packs a 15 kW (20 hp) electric motor drawing power from a 10 kWh li-ion battery that won’t deliver a scorching 0-60 mph time (it only goes 35), but will deliver you and your buddies from one end of any golf course in North America and back several times over, thanks to the G-Wagon’s 80 mile range.
The official Mecum Auctions listing goes into a bit more detail, and I’ve included it here, in case it gets deleted after a while and you’re just finding this for the first time in 2027:
Be the envy of any country club or golf community showing up with this 2024 Bodo G-Wagon Golf Cart. Perhaps more appropriately known as an E-Wagon, this baby G-Wagon is powered by a 15kW motor with a 10kWh lithium battery. Boasting an 80-mile range and a 35 MPH top speed, the Bodo is an enclosed, luxury golf cart that pampers occupants with heating and air conditioning, rear-seat entertainment, power windows, power locks and a posh, caramel-colored interior. With the Bodo fitted with power steering and 4-wheel power disc brakes with brake boost, drivers will think they’re in a full-size G-Wagon, thanks to the multiscreen entertainment cluster, the rearview camera, windshield wipers, turn signals, running lights and so much more.
Finished in black with the right amount of brightwork, the overall vibe is one of jaw-dropping, smile-inducing fun. While the Bodo would be an excellent choice for any golf community, it should also prove to be hugely popular around a race track or car condo community as well, or maybe even a neighborhood with its own airplane runways. Over the past decade in particular, the demand for unique, luxury golf carts has been on the rise, and understandably so. The number of luxury communities with specific interests in sports, aero and auto has also been on the rise, with people buying homes in these exclusive locations to better engage with like-minded people. All too often a golf cart is the perfect way to get around these gated neighborhoods, and this one is enclosed, comes with the amenities of a full-size car and is infinitely more stylish.
You can check out a few more photos of the 2024 Bodo G-Wagon golf cart that sold at Mecum, below – and if you want one for yourself, you’re in luck! I found this brand-new 2025 “G600 E-Wagon” (in white) for $23,900 at Gulf Carts in Santa Rosa Beach, Florida. Head on down to the comments and let us know if you buy it.
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The Hyundai IONIQ 5 got a raft of upgrades and sporty, rally-focused XRT trim level for 2025 – but the biggest upgrade for the Made in America Hyundai might be this: the 5 has regained eligibility for the full $7,500 federal EV tax credit!
Despite being assembled at Hyundai’s Georgia meta plant for the last four month, the 2025 Hyundai IONIQ 5 was nowhere to be found on the EPA’s list of rebate-eligible vehicles. But that was then – with a fresh updated to the list coming online May 1st, Hyundai’s new-age electric hot hatch is back in the rebate game.
As if to celebrate, Hyundai announced that it was taking on the celebrate One Lap of America road rayy and race event in a factory collaboration with the track-focused enthusiasts at Grassroots Motorsports this week with One Lap veterans Andy Hollis and Tom Suddard campaigning a stock, 601 hp 2025 Hyundai IONIQ 5 N in the Alternative Fuels class.
“After winning our class in a gutted, caged race car last year, we wanted to compete in the best-of-all worlds this year: A vehicle that’s incredibly fast, incredibly comfortable on a road trip, and incredibly capable on a racetrack,” explains Suddard. “Electrification means it’s finally possible to have huge power without huge compromises in a street car, and the IONIQ 5 N promises to pair that huge power with the durability and capability to survive a week of racing.”
One Lap is widely regarded as one of the toughest street-legal motorsports events in the world, pitting amateur and professional drivers alike compete in stock and heavily modified vehicles of every description, battling it out in a series of scored challenges, including timed events at road courses, drag strips, skid pads, and autocross courses.
In between tracks, competitors safely travel thousands of miles around the country, proving the mettle and durability of the vehicles and the teams that drive them. This year, 86 teams from all over the country will compete in 17 scored events over the course of eight days at tracks like Virginia International Raceway and NCM Motorsports Park.
The Tire Rack One Lap of America is currently underway – you can track the Hyundai’s progress here, then let us know what you think of this new tax development in the comments.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Best of all? Contractors won’t call you unless you give them your number. Get started here.
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