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Galaxy raises $460 million in push to transform Texas BTC site into AI data hubwww.theblock.co/post/374243/galaxy-raises-460-million-push-transform-texas-bitcoin-site-ai-data-hub
277 sats \ 4 comments \ @0xbitcoiner 7h AI

Quick Take

  • The $460 million raise marks the latest step in Galaxy’s AI expansion, as the firm converts its former bitcoin mining site into a large-scale computing campus for CoreWeave.
  • The Helios project could eventually become one of the biggest data centers in the U.S., adding a steady new revenue stream for Galaxy.
Galaxy Digital has raised $460 million from one of the world's largest asset managers in its push to convert a former bitcoin mining facility in Texas into a high-performance computing hub for artificial intelligence.
The private investment, priced at $36 a share, includes roughly 9 million new shares issued by Galaxy and 3.8 million sold by executives, including CEO Mike Novogratz. The deal is expected to close Oct. 17 pending Toronto Stock Exchange approval, according to a Friday press release.
Galaxy said the funds will go toward "general corporate purposes" and to help power the next buildout phase of its Helios data center campus in Dickens County, which is being refitted to host AI-cloud provider CoreWeave.
...read more at theblock.co
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33 sats \ 3 replies \ @optimism 7h
I heard this from an ASIC developer post miner conference in 2023 over drinks. They were apparently making 2x profit on renting out their generic GPU farms vs what they made on block rewards, back then.
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100 sats \ 1 reply \ @0xbitcoiner OP 6h
This whole thing about converting Bitcoin farms into AI data centers isn't new to me either. And honestly, it brings up some real questions about the future of mining. Maybe it's nothing, I hope this doesn't become a big trend. But this move by Galaxy must be a strategic play, since they're just chasing the money (AI 'bubble').
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33 sats \ 0 replies \ @optimism 6h
AI is currently demand driven due to shortage, whereas Bitcoin mining is mostly supply driven. If all these corporate mining farms are going to sell their ASICs, it means buying oppty though, so all it does is short-term fluctuation.
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33 sats \ 0 replies \ @south_korea_ln 4h
Are there still many coins that are GPU-mined?
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