Galaxy Digital, a cryptocurrency mining firm, has signed a non-binding deal with a US-based hyperscaler firm to convert all of its 800 megawatts (MW) of mining capacity into hosting high-performance computers (HPC). The move comes as the Bitcoin halving has led to a profit squeeze for Galaxy and the mining industry as a whole. The company currently operates 200 MW of mining capacity out of its approved 800 MW, with another 1.7 gigawatts (GW) under study for potential permitting. The trend of AI firms entering the bitcoin mining industry has emerged as miners have ready-to-operate power capacity that can be quickly deployed to support the growing demand for AI operations. Other mining firms, such as Core Scientific, Hut 8, and HIVE, have also started dedicating resources to AI computation. Galaxy's move is subject to due diligence and approvals.



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