Crusoe Energy sells its Bitcoin-mining business to New York Digital Investment Group to concentrate on artificial intelligence.
Crusoe made an announcement on 25 March. said It plans to sell Bitcoins (BTC) mining operation, including its digital flare mitigation business, to NYDIG, subject to regulatory approvals and other consents.
Crusoe has 270 Megawatts. power generation Technology from over 425 modular data centres across the United States The transaction will not result in any job losses.
Crusoe, founded in 2018, pioneered a technology to capture waste gases created by oil refinement and extraction that are normally burnt in an unsustainable process known as gas flaring. This gas can then be used for power. Bitcoin miners.
Source: Photo of gas flare-up in action. Source: Crusoe Energy
The gas is converted into electricity. “stranded energy” Electricity used for high-performance computing Bitcoin mining AI Data Centers. Reports suggest Crusoe’s Bitcoin-mining operation represents 1% of all Bitcoin mining in the world.
Crusoe AI expansion plans
Crusoe claims that they now want to concentrate their tech on creating AI infrastructure.
“The AI business — it’s become the majority of our revenue,” Cully Cavness told CNBC that he is co-founder, President and Chief Operating Officer at Crusoe.
Around the time that it announced its joint venture with Engine No., the company expanded their AI datacenter in Abilene to 1.2 gigawatts. The company plans to create large data centers campuses in the US for AI development.
Source: Matthew Sigel
In December of last year, the company closed a round worth $600,000,000 at an estimated valuation of $2.8 billion to fuel AI.
“We see a huge opportunity in front of us, and we have a big advantage and a big head start with what we’ve already announced — and more coming soon,” Add Cavness.
Related: Tokenized US gold could ultimately benefit Bitcoin: NYDIG
NYDIG said The acquisition of Crusoe Bitcoin Mining Business will expand the role that it plays in supporting Bitcoin proof-ofwork security.
Ross Stevens is the NYDIG’s founder and chairman. “it is critically important to keep the Bitcoin network secure, and at the lowest possible cost,” Claiming that fiat currencies exist is not true “collapsing against Bitcoin around the world.”
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Source: cointelegraph.com
