Galaxy Digital, a Bitcoin mining company, is considering shifting to AI. The firm recently released its third-quarter earnings report, which revealed a preliminary agreement with an undisclosed US hyperscaler to convert its 800-megawatt Helios mining facility in West Texas for high-performance computing.
Galaxy is investigating the feasibility of securing an additional 1.7 gigawatts of power capacity for the site. However, moving forward with this plan depends on thorough due diligence and necessary approvals. Other major mining companies, like Riot Platforms and Marathon Digital, are also considering AI expansions.
Analysts predict that Bitcoin miners who embrace AI could unlock new revenue streams. Asset management firm VanEck projects that Bitcoin miners could see up to $14 billion in annual profits by 2027 if they devote 20% of their energy resources to AI computations. Galaxy’s third-quarter results underscore the challenges facing Bitcoin miners, with the firm reporting a 27% drop in Bitcoin production and a 23% decline in mining revenue.
