Bit Digital CEO Sam Tabar said at the time that the Quebec operation “represents continued momentum in our strategy to deliver purpose-built AI infrastructure at scale.”Related: Auradine raises $153M, debuts business group for AI data centersMiners under pressure to diversifyFaced with volatile crypto prices and a quadrennial Bitcoin halving cycle that squeezes revenues, several mining firms have leveraged their existing infrastructure to pivot to other data-intensive workloads.
Mining companies like Hive Digital say AI data centers offer potentially higher revenue streams than crypto mining. In the latest sign of economic pain, public Bitcoin miners sold more than 40% of their Bitcoin (BTC) holdings in March, according to data from TheMinerMag publication. Public miners that can’t keep their costs under control struggle the most in maintaining their Bitcoin operations, placing more pressure on executives to seek out alternative revenue streams.
Bitcoin mining company Bit Digital has acquired an industrial building in Madison, North Carolina, upping the ante in a business diversification strategy that includes strategic pivots into AI and high-performance computing. Bit Digital agreed to buy the property for $53.2 million through Enovum Data Centers Corp., the company’s wholly owned Canadian subsidiary, regulatory filings show.
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