Crusoe Energy, a company that captures waste gas from oil to power high-performance compute, is selling its Bitcoin mining business to New York Digital Investment Group (NYDIG) to focus on artificial intelligence. In a March 25 announcement, Crusoe said it plans to sell its Bitcoin (BTC) mining operation, including its digital flare mitigation business, to NYDIG, subject to regulatory approvals and other consents. The deal includes Crusoe’s 270 megawatts of power generation technology from more than 425 modular data centers across the United States and Argentina, along with 135 Crusoe employees who will join NYDIG, as no roles will be eliminated as a result of the transaction. Crusoe was founded in 2018 and pioneered technology that captures waste gas created during oil extraction and refinement that would be normally burned off in a process called gas flaring in order to power Bitcoin miners.
Some reports suggest that Crusoe’s Bitcoin mining operation accounts for 1% of the world’s Bitcoin mining. Crusoe’s AI expansion plansHowever, Crusoe says it now wants to focus its tech on building out AI infrastructure. “The AI business — it’s become the majority of our revenue,” Cully Cavness, the co-founder, president and chief operating officer of Crusoe, told CNBC. The company recently expanded its AI data center in Abilene, Texas, to 1.2 gigawatts around the same time it announced a joint venture with investment firm Engine No.1 to develop large-scale data center campuses across the US to build out AI capabilities.
Source: Crusoe EnergyIt converts the gas or “stranded energy” into electricity used to power the high-performance compute required for Bitcoin mining and AI data centers.
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