{"id":79420,"date":"2026-10-12T21:02:15","date_gmt":"2026-10-12T21:02:15","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/swi-turns-ftxs-former-bitcoin-mining-infrastructure-toward-ai-boom\/"},"modified":"2026-10-12T21:02:15","modified_gmt":"2026-10-12T21:02:15","slug":"swi-turns-ftxs-former-bitcoin-mining-infrastructure-toward-ai-boom","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/swi-turns-ftxs-former-bitcoin-mining-infrastructure-toward-ai-boom\/","title":{"rendered":"SWI Turns FTX\u2019s Former Bitcoin Mining Infrastructure Toward AI Boom"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">SWI Group took control of Genesis Digital and raised about $896M to expand AI data centers.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">The pivot shows bitcoin miners are repurposing power infrastructure for higher-value AI compute.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">The key test is whether SWI can turn former mining sites into durable hyperscale contracts.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Genesis Digital Pivots From Bitcoin Mining to AI Data Centers<\/h2>\n<p>A bitcoin mining company once tangled in the wreckage of FTX is getting a second life, this time as an artificial-intelligence (AI) infrastructure play.<\/p>\n<p>SWI Group has acquired a majority stake in Genesis Digital Assets and plans to convert much of its data-center estate from crypto mining toward AI and cloud-computing workloads, according to the <a href=\"https:\/\/www.wsj.com\/finance\/currencies\/ftxs-old-bitcoin-mining-assets-are-now-part-of-the-ai-boom-76fe9037\" target=\"_blank\" rel=\"noopener noreferrer\">Wall Street Journal.<\/a><\/p>\n<p>The Amsterdam-listed infrastructure company announced on Monday, Oct. 12, that it has <a href=\"https:\/\/swi.com\/wp-content\/uploads\/SWI-Group-Announces-E800-million-Capital-Increase.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">raised $896 million (\u20ac800 million)<\/a> to finance upgrades and expansion across its data-center portfolio.<\/p>\n<p>\u201cWe need capital to deploy more compute,\u201d SWI Chief Executive Max-Herv\u00e9 George said. On bitcoin mining, his position was even clearer: he has \u201czero interest.\u201d<\/p>\n<h2>From Bitcoin Mining to AI Compute<\/h2>\n<p>The assets SWI wants are the power-heavy data centers Genesis Digital built across Texas, North Carolina, South Carolina and Sweden.<\/p>\n<p>Those facilities could now be repurposed for hyperscalers such as Amazon Web Services and Google Cloud, which need enormous amounts of computing capacity to support AI services.<\/p>\n<p>Genesis Digital previously focused heavily on <a href=\"https:\/\/www.bitcoin.com\/get-started\/what-is-bitcoin-mining\/?_gl=1*1pj3z5r*_ga*MjE1MTQ4MjQ1LjE3NzA5OTgxMTI.*_ga_LKPRS3F1JD*czE3OTE4MDk1NzIkbzE4NSRnMSR0MTc5MTgwOTU5MyRqNjAkbDAkaDA.*_gcl_au*ODc0NjYyNzQuMTc4NjYyMDA1MA..*_ga_ERLPF60ZDD*czE3OTE4MDk1OTMkbzQ5OSRnMCR0MTc5MTgwOTU5MyRqNjAkbDAkaDA.\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin mining<\/a>, including large operations in Kazakhstan. SWI is now selling the company\u2019s final three small mining sites there.<\/p>\n<p>The pivot reflects a broader trend across crypto mining. Data-center operators that once optimized facilities for bitcoin are increasingly chasing AI customers, where long-term computing contracts can offer more predictable and potentially higher returns.<\/p>\n<h2>FTX Put More Than $1 Billion Into Genesis Digital<\/h2>\n<p>Genesis Digital\u2019s history makes the turnaround particularly striking.<\/p>\n<p>Founded in 2017, the company grew into one of the world\u2019s largest bitcoin miners. Alameda Research, the trading firm closely linked to FTX, began investing in 2021 and ultimately spent more than $1 billion, acquiring roughly a 20% stake.<\/p>\n<p>After FTX collapsed in November 2022, bankruptcy administrators later described Genesis Digital as one of <a href=\"https:\/\/news.bitcoin.com\/regulation-and-legal\/sam-bankman-fried-supreme-court-petition-11-billion-forfeiture\/\">Bankman-Fried\u2019s<\/a> most reckless investments. They sued to recover about $1.15 billion, arguing that some of the miner\u2019s assets had been dramatically overvalued.<\/p>\n<p>The lawsuit was dropped on June 15, 2026.<\/p>\n<h2>SWI Bets $500 Million, Then Takes Control<\/h2>\n<p>The same day the lawsuit was dropped, SWI announced an initial $500 million investment in Genesis Digital. It has since increased its stake to become the majority owner. George said disputes involving <a href=\"https:\/\/news.bitcoin.com\/ftx-plans-to-pay-creditors-900-million-as-fifth-distribution-starts-on-july-31\/\">FTX and other shareholders<\/a> have now been settled.<\/p>\n<p>For SWI, the acquisition is less about reviving a crypto miner than buying scarce power infrastructure already built for energy-intensive computing.<\/p>\n<p>That is what makes the deal worth watching.<\/p>\n<p>Genesis Digital was once a symbol of excess during the crypto boom. Now its most valuable asset may be something entirely different: data centers that can be rewired for the AI economy.<\/p>\n<div class=\"not-prose my-3 lg:my-4\">\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden md:flex md:flex-row md:gap-3 lg:hidden\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/kyrgyzstan-shuts-stablecoin-usdkg-burns-50m-tokens-after-uk-sanctions\/\"><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/div>\n<div class=\"overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] hidden lg:flex lg:flex-row lg:gap-4\"><a aria-hidden=\"true\" tabindex=\"-1\" class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\" href=\"https:\/\/news.bitcoin.com\/kyrgyzstan-shuts-stablecoin-usdkg-burns-50m-tokens-after-uk-sanctions\/\"><img alt=\"Kyrgyzstan Shuts Stablecoin USDKG, Burns 50M Tokens After UK Sanctions\" loading=\"lazy\" decoding=\"async\" data-nimg=\"fill\" class=\"object-cover\" style=\"position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent\" sizes=\"150px\" srcset=\"\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkyrgyzstan-shuts-down-gold-stablecoin-usdkg-burns-50m-tokens-150x150.jpg&amp;w=32&amp;q=75 32w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkyrgyzstan-shuts-down-gold-stablecoin-usdkg-burns-50m-tokens-150x150.jpg&amp;w=48&amp;q=75 48w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkyrgyzstan-shuts-down-gold-stablecoin-usdkg-burns-50m-tokens-150x150.jpg&amp;w=64&amp;q=75 64w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkyrgyzstan-shuts-down-gold-stablecoin-usdkg-burns-50m-tokens-150x150.jpg&amp;w=128&amp;q=75 128w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkyrgyzstan-shuts-down-gold-stablecoin-usdkg-burns-50m-tokens-150x150.jpg&amp;w=256&amp;q=75 256w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkyrgyzstan-shuts-down-gold-stablecoin-usdkg-burns-50m-tokens-150x150.jpg&amp;w=384&amp;q=75 384w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkyrgyzstan-shuts-down-gold-stablecoin-usdkg-burns-50m-tokens-150x150.jpg&amp;w=640&amp;q=75 640w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkyrgyzstan-shuts-down-gold-stablecoin-usdkg-burns-50m-tokens-150x150.jpg&amp;w=828&amp;q=75 828w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkyrgyzstan-shuts-down-gold-stablecoin-usdkg-burns-50m-tokens-150x150.jpg&amp;w=1080&amp;q=75 1080w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkyrgyzstan-shuts-down-gold-stablecoin-usdkg-burns-50m-tokens-150x150.jpg&amp;w=1200&amp;q=75 1200w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkyrgyzstan-shuts-down-gold-stablecoin-usdkg-burns-50m-tokens-150x150.jpg&amp;w=1920&amp;q=75 1920w\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F10%2Fkyrgyzstan-shuts-down-gold-stablecoin-usdkg-burns-50m-tokens-150x150.jpg&amp;w=1920&amp;q=75\"\/><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<p><\/a><\/p>\n<div class=\"flex min-w-0 flex-1 flex-col justify-center gap-2\">\n<p class=\"m-0 line-clamp-2 text-base leading-[1.3] !text-[#67656E]\">Kyrgyzstan is winding down USDKG, its state-backed gold stablecoin, and liquidating both its issuer and the country\u2019s first state-owned crypto\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/crypto-news\/swi-turns-ftxs-former-bitcoin-mining-infrastructure-toward-ai-boom\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways SWI Group took control of Genesis Digital and raised about $896M to expand AI data centers. The pivot shows bitcoin miners are repurposing power infrastructure for higher-value AI compute. The key test is whether SWI can turn former mining sites into durable hyperscale contracts. Genesis Digital [&hellip;]<\/p>\n","protected":false},"author":3947362377,"featured_media":79421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79420"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362377"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=79420"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/79420\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/79421"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=79420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=79420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=79420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}