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BTC Hyperscale Data ends Bitcoin mining, moves to AI infrastructure
Hyperscale Data has stopped all Bitcoin mining operations at its Michigan plant in preparation for an artificial intelligence data center customer. The company said on Wednesday that all Bitcoin miners at the plant had been shut down after an unnamed California new cloud service provider completed inspections. Ultrascale Data Company said it plans to sell related mining equipment.
The company revealed that the customer has entered into a ten-year master service agreement to lease 20 megawatts (MW) of AI computing capacity with two optional five-year renewal periods. It is estimated that the agreement will generate more than $1.2 billion in revenue over a maximum period of 20 years. In addition, if customers choose to add 32 MW of capacity, potential revenue could exceed US$3 billion, and the plant is expected to support a total of 340 MW of capacity.
The shutdown marks a further step by Hyperscale Data Corporation to shift its Michigan factory from Bitcoin mining to AI infrastructure. The company also funded the project by selling its Bitcoin reserves. At the same time, ultra-large data companies warned that their expansion plans are still in the early stages and are subject to financing, approvals and other risks. The $1.2 billion estimate is based on customers exercising two renewal options, while the $3 billion forecast relies on customers adding additional capacity.
Hyperscale Data Company Shares Fall to Record Low
According to financial data, ultra-large data shares closed at $0.1984 on Wednesday, down about 17%, hitting an intraday low of $0.1932. The closing price was the lowest in history (after split adjustment) since the stock was listed on the U.S. section of the New York Stock Exchange. The decline came shortly after Ultrascale Data completed a 1-to-5 reverse stock split. According to filings with the U.S. Securities and Exchange Commission, the company's shares began trading on a split adjusted basis on August 25.
While pushing ahead with AI construction, hyperscale data companies have also significantly reduced their bitcoin holdings. On July 30, the company held about 1006 bitcoins and sold 100 while arranging a bitcoin-backed credit line for its Michigan campus. On Tuesday, the company said it sold about 65 bitcoins for $5.1 million in the week ended Aug. 30, which will provide additional capital for the Michigan project's development. [TAG
Current data shows that hyperscale data companies hold 215 bitcoins worth about $16.7 million. This is a drop of approximately 79% from July's number, ranking it 84th among listed companies tracked by the platform.
