en.Wedoany.com Reported - European data center infrastructure developer AiOnX has acquired a 77% stake in U.S. cryptocurrency miner Genesis Digital Assets (GDA) for $500 million. Parent company SWI Group now controls 15 cryptocurrency mining data centers in the U.S. and Sweden, gaining access to 1.3 gigawatts of available power. These facilities are located in North Carolina, South Carolina, Texas, and two sites in Sweden.

The acquisition was driven by GDA's ready power access. SWI founder and CEO Max-Hervé George stated that power connectivity is the most valuable commodity in current digital infrastructure, and converting traditional cryptocurrency mining infrastructure into AI and high-performance computing facilities represents the best use of these assets. He further noted that SWI has been investing in power connectivity since 2020, and this acquisition is a large-scale application of that philosophy.

Due to GDA's power connectivity, SWI's acquisition of GDA was relatively straightforward. Most hyperscale expansion projects are currently facing power constraints, with research suggesting this could hinder AI data center growth as early as 2030. As AI's demand for computing power and electricity continues to rise, many cryptocurrency miners are pivoting to or being directly acquired by AI hyperscalers. Compared to AI workloads, cryptocurrency mining offers lower margins and unstable revenue, with many miners also carrying significant debt. According to Coindesk estimates, AI contracts boast profit margins of up to 85% and provide multi-year revenue visibility, dwarfing cryptocurrency mining—even as hash rates continue to climb, Bitcoin remains below $70,000, reflecting a broader crypto market that some believe has entered a bear market.

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