As it turns out, stopping Ethereum mining operations early was the right move as CoreWeave has since become a leading cloud provider.
that it had secured $221 million in a Series B funding round, putting the company on track to expand operations and increase capacity in various emerging technologies.
The raise was led by Magnetar Capital with contributions from NVIDIA and rounded out by Nat Friedman and Daniel Gross. In November 2021, CoreWeaveAccording to CoreWeave, the money will be used to expand its cloud infrastructure for computational workloads such as artificial intelligence, machine learning, visual effects, rendering, batch processing and pixel streaming. The firm’s CEO and co-founder, Michael Intrato, said NVIDIA’s support would help the company continue to scale.
Founded in 2017, CoreWeave uses cloud technology to scale graphics processing unit computational resources that the company claims are “35 times faster and 80% less expensive” than competitor solutions. The firm started as an Ethereum miner, utilizing GPUs to verify transactions on the former proof-of-work blockchain., transitioning the network into proof-of-stake from the previous proof-of-work protocol.
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