NYDIG has announced its intention to acquire Crusoe’s Bitcoin mining business, including its Digital Flare Mitigation (DFM) division. The deal is subject to regulatory approvals, customary clearances, and final closing. Upon completion of the transaction, approximately 135 Crusoe employees will join NYDIG and continue to operate the business under the new ownership. No job losses are expected as a result of the acquisition. Financial terms of the deal were not disclosed.
“Our partnership with Crusoe is based on cultural similarities and a shared commitment to advancing cutting-edge technologies at the intersection of energy and computing,” said NYDIG CEO Tejas Shah. “Crusoe has built an impressive bitcoin mining business with a track record of innovation, bringing together the industry’s best minds to solve complex problems and harness untapped energy sources. We are thrilled to integrate this world-class team and their skills into our growing business.”
Founded in 2018, Crusoe developed DFM technology to convert natural gas from oil fields that would otherwise be flared into electricity for modular data centers. The company initially used these data centers to mine Bitcoin, and later expanded its capabilities to run GPU-based artificial intelligence (AI) workloads. Crusoe’s approach to combining computing with energy production helped reduce the environmental impact of limited energy resources.
Crusoe’s Bitcoin mining operations have deployed more than 425 modular data centers, representing over 250 megawatts of power, across several states, including Colorado, North Dakota, Montana, Wyoming, New Mexico, Utah, Texas, and internationally in Argentina. According to the company, its DFM technology has reduced greenhouse gas emissions by 2.7 million metric tons and prevented the flaring of nearly 22 billion cubic feet of natural gas.
“The Bitcoin blockchain’s proof-of-work consensus mechanism algorithmically encourages the integration of energy and computation,” said Crusoe co-founder and CEO Chase Lohmiller. “Crusoe is proud to have pioneered the reuse of otherwise wasted energy resources, such as gas combustion, to power the Bitcoin network. Our innovative approach to mining energy uniquely complements NYDIG’s operations in Bitcoin custody, institutional trading, and mining, creating a combined business that is greater than the sum of its parts. We will continue to apply the same energy mentality to scaling AI infrastructure and accelerating the adoption and spread of AI in our everyday lives.”
Following the completion of the transaction, Crusoe will focus on scaling its AI infrastructure, building AI-optimized data centers, and expanding its Crusoe Cloud product offering while continuing to develop energy solutions for its computing operations.
This article, “NYDIG Acquires Crusoe's Bitcoin Mining Operations,” was first published in Bitcoin Magazine and written by Nick.
Source: cryptonews.net
