Add as a preferred source on GoogleSWI Group Raises $895 Million to Convert Bitcoin Mines for AI
The company plans to repurpose some high-performance Bitcoin mining facilities as AI computing infrastructure after securing €800 million in financing.
SWI Group has completed an €800 million financing round valued at about $895 million, with the funds earmarked for expanding its AI infrastructure business and repurposing some Bitcoin mining facilities.
The company plans to convert sites with high-performance computing capabilities into infrastructure for AI workloads. The move would allow SWI Group to use existing mining locations and related resources for a different computing market.
SWI Group previously gained control of Genesis Digital Assets, a Bitcoin mining company backed by FTX. The financing and planned conversions come as Bitcoin miners explore AI computing as an alternative use for their facilities and power capacity.
The financing was announced Monday, Oct. 12, at 5:15 a.m. ET (09:15 UTC).
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.