Hyperscale Shuts Michigan Mining Operation for AI Data Center
Hyperscale Data has closed its Bitcoin mining operations at its Michigan facility, a move that marks further progress in converting the site to artificial intelligence infrastructure. The shutdown follows an inspection by a California-based provider, neocloud, which revealed no issues with the facility's condition.
The AI customer has contracted for 20 megawatts of computing capacity under a 10-year master services agreement, which may generate more than $1.2 billion over its maximum term and up to $3 billion if additional capacity is taken on. The site could eventually support 340 MW.
Hyperscale is funding the AI buildout through sales from its Bitcoin treasury, having reduced its holdings by 79% since July, when it held around 1,006 BTC. The company's shares closed at a record low of $0.1984 on Wednesday, down about 17%, after completing a one-for-five reverse stock split.