Crusoe to sell Bitcoin mining business to NYDIG to focus on AI

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🚨 Crusoe Sells Bitcoin Mining Business to NYDIG to Focus on AI…and We’re Left Wondering, What’s Next? 🤔
Crusoe to sell Bitcoin mining business to NYDIG to focus on AI

Oh, the humanity! Crusoe Energy, a company that’s been busy capturing waste gas from oil to power high-performance compute, has decided to abandon ship and sell its Bitcoin mining business to New York Digital Investment Group (NYDIG). Why, you ask? Well, it seems they want to focus on artificial intelligence. How quaint.

In a March 25 announcement, Crusoe said it plans to sell its Bitcoin (BTC) mining operation, including its digital flare mitigation business, to NYDIG, subject to regulatory approvals and other consents. One can only imagine the tears being shed by the Bitcoin enthusiasts who were hoping to get in on the ground floor of this deal.

The deal includes Crusoe’s 270 megawatts of power generation technology from more than 425 modular data centers across the United States and Argentina, along with 135 Crusoe employees who will join NYDIG, as no roles will be eliminated as a result of the transaction. One wonders if these employees will be given a nice going-away present, perhaps a commemorative Bitcoin mining helmet?

Crusoe was founded in 2018 and pioneered technology that captures waste gas created during oil extraction and refinement that would be normally burned off in a process called gas flaring in order to power Bitcoin miners. Ah, the romance of it all! Who wouldn’t want to power their Bitcoin mining operation with the tears of the oil industry?

Crusoe’s AI expansion plans

However, Crusoe says it now wants to focus its tech on building out AI infrastructure. How thrilling. One can only imagine the excitement of building data centers and crunching numbers. The thrill, the thrill, the thrill.

“The AI business — it’s become the majority of our revenue,” Cully Cavness, the co-founder, president and chief operating officer of Crusoe, told CNBC. Ah, the sweet taste of success! Who needs Bitcoin mining when you can have AI, am I right?

The company recently expanded its AI data center in Abilene, Texas, to 1.2 gigawatts around the same time it announced a joint venture with investment firm Engine No. 1 to develop large-scale data center campuses across the US to build out AI capabilities. One can only imagine the excitement of building yet more data centers and crunching yet more numbers.

Last year in December, it closed $600 million in a Series D round at a $2.8 billion valuation to power AI. Ah, the sweet taste of success! Who needs Bitcoin mining when you can have AI, am I right?

“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,” added Cavness. One can only imagine the excitement of building yet more data centers and crunching yet more numbers.

NYDIG said that the acquisition of Crusoe’s Bitcoin mining business will help expand its role in supporting Bitcoin’s proof-of-work security. Ah, the romance of it all! Who wouldn’t want to power their Bitcoin mining operation with the tears of the oil industry?

NYDIG founder and executive chairman Ross Stevens said that “it is critically important to keep the Bitcoin network secure, and at the lowest possible cost,” claiming that fiat currencies are “collapsing against Bitcoin around the world.” Ah, the drama! Who wouldn’t want to be a part of this thrilling world of Bitcoin mining and AI?

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2025-03-26 07:21