Hyperscale Shuts Down Michigan Bitcoin Mining Facility for AI Data Center
Hyperscale Data has stopped Bitcoin mining at its Michigan facility to make way for an AI data center customer. The shutdown is part of the company's plan to convert the site from BTC mining to AI infrastructure.
The shutdown was prompted by a visit from neocloud provider, which led to Hyperscale deciding to sell its mining equipment associated with the Michigan operation. The company aims to generate more than $1.2 billion in revenue through a master services agreement with the customer, who has committed to 20 megawatts of computing capacity.
Hyperscale is partly financing the redevelopment by selling some of its BTC treasury, which declined from about 1,006 BTC on July 30 to around 215 BTC valued at $16.7 million as of August 30. This represents a decline of approximately 79% compared to the July figure.
The company's shares have fallen to a record low since the reverse stock split, with NYSE American-listed stock trading near $0.1984 on Wednesday.