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Bitcoin Miner Core Scientific Investors Nix $9 Billion CoreWeave Merger

Bitcoin miner Core Scientific's shareholders have rejected a proposed all-stock merger with AI computing firm CoreWeave valued at $9 billion. The decision came during a special meeting where the necessary votes to approve the merger were not gathered. Following the announcement, Core Scientific's stock saw a slight increase of 0.3%, while shares of CoreWeave dropped nearly 4%. Originally, the merger was intended to consolidate resources, with CoreWeave's CEO stating it would boost performance and expertise in the AI industry. However, Core Scientific investors believed the deal undervalued the company amid increasing mining challenges and reduced Bitcoin rewards, pushing the miner to seek alternative revenue streams, including high-performance computing. This decision reflects ongoing frustrations within the cryptocurrency mining sector as firms adapt to changing market conditions and profitability pressures.

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