Cryptominer-turned data center firm Blockfusion has signed AI cloud firm CoreWeave as a customer at its data center in New York

Blockfusion USA, Inc. this week announced that its wholly owned subsidiary, North East Data, LLC, has entered into a definitive anchor lease with CoreWeave at the former’s campus in Niagara Falls.

The 15-year lease includes two five-year renewal options.

Blue Acquisition Corp., a Nasdaq-listed special purpose acquisition company merging with Blockfusion, announced the news this week.

It follows the signing of a non-binding letter of intent announced in June. At the time, Blockfusion said the deal would total up to 300MW, including 85MW of guaranteed take-or-pay capacity.

Blockfusion previously said the 85MW guaranteed portion of the lease could generate approximately $2.8 billion in aggregate lease revenue over the initial 15-year term, or around $5.4bn if both renewal options are exercised.

“This agreement is a defining milestone for Blockfusion, and strong validation of our Niagara Falls campus,” said Alex Martini-Lo Manto, Blockfusion CEO. “We are transforming a former industrial site into infrastructure for the next generation of computing and what we believe can become a long-term technology and economic anchor for the region.”

Blockfusion previously turned a decommissioned power plant into a cryptomine campus and is now adapting the campus for high-density, liquid-cooled AI infrastructure.

Though it is developing some of its own sites, CoreWeave largely relies on third parties for its data center capacity. Companies leasing to the AI cloud provider in North America include Core Scientific, Galaxy, Related Digital, Applied Digital, Chirisa Technology Parks, Lincoln, Flexential, TierPoint, Digital Realty, DataBank, Switch, Digital Crossroads, eStruxture, Bell Canada, and others.

CoreWeave customers include OpenAI, Microsoft, IBM, Nvidia, and Meta.

The AI cloud firm has moved from leasing capacity to cryptominers to hosting AI capacity, including Core Scientific, Applied Digital, and Galaxy.

“The conversation about data centers is ultimately about ensuring technology investment translates into real benefits for local communities,” added Robert Restaino, Mayor of the City of Niagara Falls. “Blockfusion’s commitment to Niagara Falls creates opportunities for residents, businesses, and future generations. We are encouraged by investments that help strengthen our local economy and position Niagara Falls for long-term growth.”