CoreWeave’s transformation from crypto mining operator to large-scale AI infrastructure provider highlights a broader shift in how computing resources are reused across technology cycles.
In his last newsletterThe Miner Mag detailed how Ethereum’s move away from proof of work reduced demand for GPU-based mining, pushing companies like CoreWeave to redeploy hardware toward AI training and other high-performance computing workloads as compute demand began to increase.
As Cointelegraph previously reportedCoreWeave began moving away from cryptocurrency mining as early as 2019, first moving toward cloud and high-performance computing before completely repositioning itself as a GPU infrastructure provider for AI workloads.
This pivot has since gained momentum. Chipmaker Nvidia recently agreed to a $2 billion equity investment in CoreWeave, a move that Miner Mag said solidified the company’s position as one of the largest independent GPU infrastructure operators outside of major cloud providers.
CoreWeave’s growth has also translated into significant cash flow for the company’s executives, who have generated about $1.6 billion in proceeds from stock sales since the company’s IPO in March last year, Miner Mag said.
Related: Bitcoin mining review for 2026: AI pivots, pressure on margins and fight for survival
From crypto mining to AI data centers
The move to AI workloads has proven profitable for several crypto miners, including HIVE Digital, TeraWulf, Hut 8, and MARA Holdings.
Like CoreWeave, these companies have repurposed energy infrastructure and computing capacity originally designed for mining into data centers supporting AI and high-performance computing.
However, AI data centers are starting to face some of the same challenges as Bitcoin (BTC) minors encountered in their early years. As Cointelegraph recently reportedlocal opposition related to energy consumption, grid strain, and land use is emerging in several regions housing large AI installations.
Despite this, the market remains evolving. Data cited by Bloomberg, based on a study by DC Byte, shows that thousands of new entrants are entering the data center sector. By 2032, large technology companies could see their share of global IT capacity fall below 18%, suggesting a more fragmented and competitive market.
If this trend continues, AI data centers, like cryptocurrency mining before them, could increasingly operate outside of the direct control of big tech companies.
Related: What role remains for decentralized GPU networks in AI?
