Galaxy Digital to Convert Mining Capacity into High-Performance Computer Hosting

Galaxy Digital has signed a non-binding agreement with a U.S. hyperscaler firm to convert all of its 800 megawatts of mining capacity into hosting high-performance computers. The Bitcoin halving has contributed to a profit squeeze for the firm and the mining industry as a whole. Galaxy currently has 200 megawatts of mining in operation out of its approved 800MW capacity, with another 1.7 gigawatts under consideration for a potential permit. The fiercely competitive bitcoin mining industry is presenting miners with a clear choice: pivot to artificial intelligence computing or face losses.