Bitcoin mining company Genesis Digital Assets will transform into an AI data center

According to The Wall Street Journal, Bitcoin mining company Genesis Digital Assets will transition to an AI data center. SWI Group invested $500 million to acquire a significant stake in the company in June this year, subsequently becoming the controlling shareholder, and announced on October 12 that it has secured €800 million (approximately $900 million) for data center upgrades and expansions.

SWI plans to utilize Genesis Digital's data centers in Texas, North and South Carolina, and Sweden to provide computing power for large cloud service providers and sell off the remaining assets of its Kazakhstan mining operations.