NYDIG to Acquire Crusoe's Bitcoin Mining Operations

NYDIG has announced its intention to acquire Crusoe’s bitcoin operations, including its digital flame mitigation (DFM) business. The deal is subject to regulatory approvals, customary consents, and final closing. Following the close of the transaction, approximately 135 Crusoe employees will join NYDIG and continue to operate the business under its control. No jobs are expected to be lost as a result of the acquisition. Financial terms of the agreement were not disclosed.

“Our partnership with Crusoe is based on cultural similarities and a shared commitment to achieving success at the intersection of energy and computing,” said NYDIG CEO Tejas Shah. “Crusoe has built an outstanding Bitcoin mining business, demonstrating significant innovation by bringing together the best talent in the industry to solve complex problems and harness untapped energy resources. We are thrilled to integrate this world-class team and their capabilities 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 centers to mine Bitcoin, then expanded its capabilities to run GPU-based artificial intelligence (AI). Crusoe’s approach to synergizing computing and energy production helped reduce the environmental impact of using limited energy resources.

Crusoe’s Bitcoin mining operations have deployed over 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 merging 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 burning, to power the Bitcoin network. Our innovative approach to mining energy uniquely complements NYDIG’s Bitcoin custody, institutional trading, and mining operations, creating a combined business that is greater than the sum of its parts. We will continue to apply the same energy-driven mentality to scaling AI infrastructure and accelerating the adoption and implementation of AI in our daily lives.”

Following the completion of the transaction, Crusoe will focus on expanding its AI infrastructure, building AI-optimized data centers, and growing its Crusoe Cloud product portfolio, while continuing to develop energy solutions for its computing operations.

This article, “NYDIG Acquires Crusoe's Bitcoin Mining Operations,” first appeared on Bitcoin Magazine and was written by Nick.

Source: cryptonews.net