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All Bitcoin mining operations at Michigan based Hyperscale Data stopped September 1 to make room for new AI data center customers.
An undisclosed California cloud company has acquired 20 megawatts of capacity through a ten-year deal worth more than $1.2 billion with expansion potential of more than $3 billion.
GPASS shares fell about 17% to close at $0.1984, setting a record low after the split.
Within five weeks, the company cleared 830 bitcoins, generating approximately $53 million for renovations of Michigan facilities.
Digital asset reserves have dropped 79% from the level at the end of July, and currently hold approximately 215 bitcoins worth approximately US$16.7 million.
Hyperscale Data (GPUS) shares closed at $0.1984 during Wednesday's trading session, down about 17%, reaching an intraday low of $0.1932. The closing price set a record low after the split adjustment of the NYSE and Amex listed stocks.
Hyperscale Data, Inc., The sell-off came after GPUSs
announced that it would shut down all of its cryptocurrency mining hardware in Michigan on September 1. The cessation of operations stems from an undisclosed California cloud service provider evaluating the facility, which subsequently signed a master service agreement with Hyperscale.
The agreement covers 20 MW of computing infrastructure for a ten-year term, with two five-year renewal options. According to Hyperscale's forecasts, the contract could generate more than $1.2 billion in revenue over a maximum period of 20 years.
In addition, the agreement also includes a 32-megawatt extension clause. If customers activate the clause, total potential revenue could exceed $3 billion. As a reference, Hyperscale plans to achieve a total power capacity of 340 MW at Michigan properties, which means that even if contract and optional capacity are fully utilized, only approximately 20% of available resources will be consumed.
Management revealed that it plans to sell cryptocurrency mining hardware previously deployed at a Michigan facility.
Bitcoin treasury clearing funds transformation
Hyperscale relies heavily on its digital currency reserves to fund renovations of Michigan facilities. In the past five weeks, the company has sold 830 bitcoins, earning approximately $53 million in revenue.
As of the week ended August 30, Hyperscale cleared approximately 65 bitcoins worth US$5.1 million. Company officials said the funds will be used to support additional capital needs for Michigan development projects.
The total bitcoin reserves currently amount to approximately 215, with an estimated value of US$16.7 million according to BitcoinTreasuries.NET. This is a 79% drop from the level of approximately 1006 bitcoins it held on July 30, placing the company 84th among publicly monitored entities on the tracking platform.
Year-to-date, the stock has fallen more than 76% in 2026. The decline came after Hyperscale completed a 1-to-5 reverse stock consolidation, with split adjusted trading beginning on August 25.
Mining activity in Montana continues
While Michigan's business is gradually shrinking, Hyperscale retains a presence in Bitcoin mining. The company continues to operate approximately 10 megawatts of mining infrastructure at a facility in Montana.
In June, Hyperscale disclosed that it was evaluating 125 MW expansion opportunities in Montana.
Company representatives emphasized that Michigan's expansion plan is still in its preliminary stages. The projected revenue stream of $1.2 billion requires customers to activate two contract expansion options, while the $3 billion estimate is further dependent on customers acquiring additional capacity.
According to a report from BitcoinTreasury.NET, as of this week, the number of bitcoins held was 215, with a valuation of approximately US$16.7 million.
