AI Boom Pulls in Former Bitcoin Miners as AMD Data Center Revenue Doubles

AMD's data center revenue has more than doubled to $7 billion in just one quarter, a sign of the growing demand for artificial intelligence infrastructure. The company's gaming division, on the other hand, saw a 31% decline in revenue due to price hikes and component shortages.

The AI infrastructure buildout is being driven by an unexpected player: former Bitcoin miners. Core Scientific, once a proof-of-work mining operation, signed a 15-year agreement with AMD covering 529 MW of AI infrastructure. This deal alone could generate approximately $14 billion in revenue over its lifetime.

Other public Bitcoin miners, including TeraWulf and Cipher Mining, have also signed significant AI and high-performance computing contracts worth over $70 billion. These miners are repurposing their existing facilities to take advantage of more predictable revenue streams from AI workloads.