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From crypto mines to AI machines — CoreWeave’s pivot pays off
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CoreWeave’s evolution from a crypto-mining operator into a major AI infrastructure provider shows how computing assets are being repurposed across tech cycles.
After Ethereum moved away from proof-of-work, demand for GPU mining collapsed. According to The Miner Mag, companies like CoreWeave responded by redirecting GPUs toward AI training and high-performance computing as demand for compute surged.
CoreWeave began exiting crypto mining as early as 2019, shifting first into cloud services before fully repositioning as a GPU infrastructure provider for AI. That bet has paid off. Nvidia recently agreed to a $2 billion equity investment, cementing CoreWeave as one of the largest independent GPU operators outside Big Tech cloud giants.
