AiOnX, a major data center infrastructure developer focused on hyperscalers across Europe, has taken a majority stake in US-based cryptocurrency mining firm Genesis Digital Assets. The $500 million transaction sees its parent company, SWI Group, acquire a 77% stake in GDA and gain control of 15 cryptomining data centers across the US and Sweden, along with access to 1.3 Gigawatts of available power—an increasingly scarce commodity for AI datacenters.

The agreement encompasses 15 data centers located in North Carolina, South Carolina, and Texas, as well as two facilities in Sweden. The move appears driven primarily by GDA's access to readily available power, particularly as most hyperscaler buildouts continue to struggle with their own power limitations, and as studies suggest power constraints could stall AI datacenter growth by as early as 2030.

"Power connectivity is the most valuable commodity in digital infrastructure today, and converting legacy cryptocurrency mining infrastructure to AI and high-performance computing is the best and highest use of these assets," said SWI founder and CEO Max-Hervé George. "We have been investing in power-connectivity since 2020. This is what that thesis looks like at scale."

This acquisition is not an isolated move. Many cryptocurrency miners are now pivoting to or being acquired by AI hyperscalers as demand for compute and power continues to surge with increasingly larger models. Cryptomining has become relatively unprofitable compared to AI workloads that rent out GPUs under long-term contracts, and it offers inconsistent returns given cryptocurrency price volatility.

While modern crypto ASICs cannot be repurposed for AI workloads, the power they consume—much of which is locked in through long-term contracts—is considerably more valuable for AI datacenters. This eliminates the need for time-consuming power generation projects that some hyperscalers have been forced to undertake independently. According to Coindesk estimates, AI contracts offer margins as high as 85% with multi-year revenue visibility, making the pivot attractive even as bitcoin remains below $70,000 and the broader cryptocurrency market shows signs of entering a bear-induced winter.