Bitcoin miner Bit Digital acquires $53M facility as AI, HPC push continues
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 show. The investment includes a $2.25 million initial deposit, with $1.2 million being non-refundable. The transaction is expected to close on May 15.
Bit Digital disclosed the acquisition in a Form 8-K filed with the US Securities and Exchange Commission. Source: SEC
Bit Digital’s regulatory filing was submitted around the same time that it a new Tier 3 data center site in Quebec, Canada, which will support the company’s 5 megawatt colocation agreement with AI infrastructure provider Cerebras Systems.
The Quebec facility is being retrofitted with roughly $40 million in upgrades to meet Tier 3 standards — strict requirements that ensure high reliability for critical systems and continuous operation.
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:
Miners under pressure to diversify
Faced 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. say AI data centers offer potentially higher revenue streams than crypto mining.
In the latest sign of economic pain, sold more than 40% of their Bitcoin () holdings in March, according to data from 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.
An October report by CoinShares suggested that the are more likely to shift gears to AI and other workloads.
The cost per Bitcoin is an important metric for mining companies, which have struggled to remain profitable in a post-halving environment. Source:
