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PANews, September 3 — According to Cointelegraph, Hyperscale Data has shut down its Bitcoin mining operations at its Michigan facility in order to convert the site into an AI data center. The company said all miners have been powered off and it plans to sell the related equipment. It stated that a customer has signed a contract for 20 megawatts of AI computing capacity for 10 years, including two five-year renewal options, and the contract is expected to generate more than $1.2 billion in revenue over 20 years, with an additional 32-megawatt option that could push potential revenue above $3 billion.
Hyperscale is financing the transition by selling its Bitcoin holdings, which fell from about 1,006 BTC at the end of July to 215 BTC, a decline of about 79%, dropping its ranking to 84th among publicly traded companies by holdings. The company's stock fell about 17% on Wednesday to $0.1984, hitting a new all-time low on a split-adjusted basis.
Source: PANews