CoinDesk Podcast Network - THE MINING POD: How CoreWeave’s Neocloud Business Model Works

A look inside CoreWeave’s neocloud business model, and how the company went from an ETH miner to a $75 billion business. 


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Welcome back to The Mining Pod! Today, Colin and Will break down CoreWeave's meteoric rise to a $75+ billion valuation and why Bitcoin miners like Core Scientific, Galaxy Digital, and Applied Digital are all racing to partner with AI cloud providers. We explore CoreWeave’s neocloud business model, GPU economics vs bitcoin mining profitability, and what this means for the future of the mining industry.


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**Notes:**

• CoreWeave valued at $75B+ (12x revenue multiple)

• 72% of Q1 revenue came from Microsoft/OpenAI

• CoreWeave manages 250,000+ GPUs globally

• $15B+ in contracted revenue secured


Timestamps:

00:00 Start

04:05 Coreweave overview

07:40 Neocloud

10:28 Other Neocloud providers

12:49 Oracle, OpenAI & Stargate

16:20 Crusoe

17:58 Hyperscaler street cred

21:08 Energy pipeline

26:53 Revenue

32:51 Capex vs revenue

38:03 GPU lifespan

41:58 Bull vs Bear

49:00 Partner concentration


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Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

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Native America Calling - Tuesday, July 8, 2025 – Residents brace for Medicaid and food assistance cuts

The Congressional Budget Office estimates the spending bill just signed by President Donald Trump will increase the number of people without health insurance by 16 million over the next ten years. The $1.1 trillion cuts to Medicaid will also affect Native Americans who rely on it to pay for health care through the Indian Health Service and threatens rural hospitals with a high rate of Medicaid-dependent patients. The new spending plan also substantially reduces the number of people who will collect food assistance through the federal government. We’ll get insights on what these numbers mean for Native Americans who disproportionately rely on these two federal government programs.

We’ll also find out about the significance of the new Indigenous head of Mexico’s Supreme Court.

GUESTS

A.C. Locklear (Lumbee), CEO of National Indian Health Board

Aaron Payment (Sault Ste. Marie Tribe of Chippewa Indians), tribal councilman and former chairperson for the Sault Ste. Marie Tribe of Chippewa Indians

Kelli Case (Chickasaw), senior staff attorney for the Indigenous Food and Agriculture Initiative

Gaspar Rivera-Salgado (Mixteco), director for the UCLA Center for Mexican Studies

 

Break 1 Music: Thick as Thieves (song) Blue Moon Marquee (artist) Scream, Holler, and Howl (album)

Break 2 Music: Coffee (song) James Bilagody (artist) Near Midnight (album)

Code Story: Insights from Startup Tech Leaders - S11 E7: Artem Rodichev, Ex-Human

Artem Rodichev was born and raised in Kazakhstan, surrounded by the mountains. He loves hiking, and pretty much all outdoor activities. He jokes that he was raised by computers, as he was always playing games, trying to learn hacking, and more. He has always be interested in stories, in particular science fiction. He read a lot of books and watched movies, being fascinated with plots around empathetic AI like Blade Runner and Joy. These movies sparked his motivation to move forward to bringing this world to life.

Artem spent several years building a Core AI stack at Replica. What he noticed was that people really enjoyed connecting with their digital friends - and, he noticed the limitations of this experience. He aimed to correct that limitation, in starting a new venture focused on boarder empathetic AI.

This is the creation story of Ex-Human.

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Headlines From The Times - Warehouse Explosion Kills Seven, Trump Signs Spending Bill, Epstein List Denied, Masked ICE Raids in L.A., EV Tax Credits Cut

Seven are confirmed dead after a pyrotechnics warehouse explosion in Northern California. Firefighters battle the Madre Fire, the state’s largest blaze of the year. President Trump signs a sweeping spending bill that boosts military and immigration enforcement while cutting aid programs. Proposed NIH budget cuts freeze thousands of medical research projects. The Justice Department says Epstein had no client list, contradicting prior claims. Masked ICE raids spark lawsuits in L.A. State Farm faces investigation over wildfire insurance claims. And a GOP bill ends federal EV tax credits, threatening adoption.

The Daily - A Love Letter to Camp Mystic

On Monday evening, the death toll from the flooding in Central Texas rose past 100. A single place accounted for 27 of those deaths: Camp Mystic, a century-old Christian summer camp for girls.

Erin Pisane, who attended Camp Mystic, explains what the place meant to generations of girls.

Guest: Erin Pisane, who attended Camp Mystic

Background reading: 

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday. 

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The Intelligence from The Economist - The French reconnection: Macron in Britain

Anglo-French relations have not been so good since before the Brexit vote. Beneath the state-visit pageantry, though, there is much co-operation for President Emmanuel Macron and Prime Minister Keir Starmer to discuss. Gangs have infiltrated many of Latin America’s mining operations—with violent results. And an ode to Britain’s Shipping Forecast, an inscrutable radio feature that is turning 100.


Additional audio courtesy of Alexander Seale @alexseale.


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Start Here - Texas Death Toll Passes 100

Rescue teams continue to work in Texas, while officials call for new weather alert systems. President Trump welcomes Israeli Prime Minister Benjamin Netanyahu to Washington amid Gaza ceasefire talks. And many MAGA loyalists are outraged after a quiet admission by the Trump Justice Department that there will be no further developments in the investigation of Jeffrey Epstein.

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Opening Arguments - When You’re So Bad At Your Job, You Make the Supreme Court Look Good By Comparison

OA1171 - Today's episode is a nice, fun departure from the doom and gloom. Oral arguments in a recent SCOTUS case went terribly wrong. And for once, it wasn't the court itself that was looking like a clown show. The case was AJT v Osseo and it involved disability rights. So naturally, I had to invite everyone's favorite disability rights advocate and all around all-star, Dr. Jenessa Seymour!

 

Take This Pod and Shove It - 88: “We Have Fed You All For 1000 Years” by Willi Carlisle

This week Tyler and Danny discuss Willi Carlisle's incredible new album, Winged Victory, and add its opening tack to our Ultimate Country Playlist. "We Have Fed You All For 1000 Years" (sometimes written as 'A Thousand') is a powerful union song over 100 years old, attributed to "an unknown proletariat." In Carlisle's hands it is a barn burner that maintains all of the old song's importance, relevance, and bite. We love it and think you will too!

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