June 6 (Reuters) - Bitcoin miner Core Scientific ( CORZ )

on Thursday rejected an all-cash offer from

Nvidia ( NVDA )-backed specialized cloud provider CoreWeave, saying that

the offer undervalues the company.

"The board determined that the CoreWeave proposal

significantly undervalues the company and is not in the best

interests of the company and its shareholders," Core Scientific ( CORZ )

said in a statement.

Core Scientific ( CORZ ) received an unsolicited non-binding proposal

from CoreWeave on June 3 to acquire all of the company's

outstanding shares on a fully diluted basis for $1.02 billion or

$5.75 per share in cash.

Separately, the two companies had also signed a series

of 12-year contracts on the same day.

The contracts include an agreement under which Core

Scientific ( CORZ ) will provide CoreWeave with about 200 MW of

infrastructure to power its high-performance computing services.

Crypto miners use vast amounts of electricity to run

their operations and are being increasingly targeted by bigger

peers and AI technology companies as they try to consolidate

power supply for their energy-hungry enterprises.