Crusoe Energy, a company that captures exhaust gas from oil to electricity, sold its Bitcoin mining business to New York Digital Investment Group (NYDIG) to focus on artificial intelligence.
In the March 25 announcement, Crusoe explain It plans to sell Bitcoin (BTC) Mining business, including its digital mitigation business, is subject to NYDIG, but requires regulatory approval and other consent.
The deal includes Crusoe’s 270 MW Power generation Technology in over 425 modular data centers USA and Argentina, as well as 135 Crusoe employees who will join NYDIG, as the deal will not remove any roles.
Founded in 2018, Crusoe’s pioneering technology that captures exhaust gases generated during extraction and improvements will often burn during a process called gas combustion in order to Bitcoin Miner.
Photos of gas explosion. source: Crusoe Energy
It converts gas or “stagnant energy” into electricity and is used to power high-performance computing Bitcoin Mining and AI data centers. Some reports suggestion Crusoe’s Bitcoin mining business accounts for 1% of global Bitcoin mining.
Crusoe’s AI expansion plan
But, Crusoe said, now it hopes to focus its technology on building AI infrastructure.
“The AI business has become a large part of our revenue,” Cully Cavness, co-founder, president and chief operating officer of Crusoe, told CNBC.
The company recently expanded its AI data center to 1.2 gigawatts in Abilene, Texas, about the same time announced a joint venture with Investment Company No. 1 Engine to develop large data center campuses throughout the U.S. to build AI capabilities.
source: Matthew Sigel
Last December, it closed at $600 million in the D round of season D at $2.8 billion.
“We see a huge opportunity in front of us, we have a great advantage in what we have announced and will be on the way soon and will be coming soon.”
Related: Symbol Our Gold May End of Benefit from Bitcoin: NYDIG
Malicious explain The acquisition of Crusoe’s Bitcoin mining business will help expand its role in supporting Bitcoin’s proof-of-work security.
“Keeping the Bitcoin network secure is crucial and at the lowest possible cost,” said Ross Stevens, founder and executive chairman of NYDIG, claiming that fiat currencies are “crashing against bitcoin around the world.”
Magazine: Former Alameda
