AiOnX invests US$500 million to transform crypto mining sites into AI data centres
AiOnX acquires a controlling stake in Genesis Digital Assets to convert crypto mining sites into AI data centres.
The rapid growth of artificial intelligence is reshaping the data centre industry, prompting companies to seek new ways to secure power and computing infrastructure. In a significant move, European data centre developer AiOnX has expanded its presence in the sector through a major investment in cryptocurrency mining facilities.
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The company, through its parent organisation SWI Group, has acquired a controlling interest in US-based cryptocurrency miner Genesis Digital Assets (GDA). The deal reflects a broader industry trend in which former crypto mining operations are increasingly being repurposed to support AI and high-performance computing workloads.
SWI Group secures majority stake in Genesis Digital Assets
SWI Group has completed a US$500 million transaction that gives it a 77 per cent stake in Genesis Digital Assets. The acquisition provides control of 15 cryptocurrency mining data centres located across the United States and Sweden.
The facilities are located in North Carolina, South Carolina, and Texas, as well as two sites in Sweden. More importantly, the acquisition grants access to approximately 1.3 gigawatts of available power capacity, a resource that has become highly sought after as demand for AI infrastructure continues to increase.
According to reports, the agreement follows earlier indications that SWI Group was exploring a deal with a US cryptocurrency mining company. The completed transaction highlights the growing value of established energy infrastructure as technology firms race to expand their AI capabilities.
Industry analysts have noted that power availability is becoming one of the most significant challenges facing large-scale AI deployments. Many hyperscale data centre operators are struggling to secure sufficient electricity supplies for future projects, making existing powered sites increasingly attractive acquisition targets.
Power access drives the shift towards AI infrastructure
The key attraction of Genesis Digital Assets appears to be its extensive power connectivity. Unlike many new data centre developments that require lengthy planning and construction processes, the former crypto mining facilities already have access to substantial electricity resources.
SWI Group founder and chief executive Max-Hervé George emphasised the strategic value of these assets. He said: “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.”
George added, “We have been investing in power-connectivity since 2020. This is what that thesis looks like at scale.”
The comments reflect a growing belief within the technology sector that energy availability may become the primary factor determining future AI expansion. Several studies have suggested that electricity constraints could eventually limit data centre growth if new power sources are not developed quickly enough.
For AI operators, acquiring former crypto mining facilities offers a faster route to expansion. Although specialised cryptocurrency mining equipment cannot be reused for AI workloads, the underlying electrical infrastructure remains highly valuable. Long-term power agreements and established grid connections can significantly reduce the time required to bring new AI computing capacity online.
Cryptocurrency mining industry faces changing economics
The acquisition is part of a wider trend that has seen cryptocurrency mining companies either pivot towards AI services or become acquisition targets themselves. As AI computing demand continues to grow, many investors see greater long-term value in AI infrastructure than in traditional crypto mining operations.
One factor driving this transition is profitability. AI-focused data centres often generate revenue through long-term contracts that provide predictable income streams. In contrast, cryptocurrency mining revenues are heavily influenced by digital asset prices, which can fluctuate significantly over short periods.
The economics of crypto mining have become increasingly challenging for some operators. Rising competition, increasing network hashrates and ongoing capital requirements have placed pressure on margins. Many mining firms also carry substantial debt linked to previous expansion efforts.
By comparison, AI infrastructure providers can benefit from stable demand and long-term agreements with technology companies. Estimates cited by industry observers suggest that AI-related contracts can deliver margins of up to 85 per cent while offering multi-year revenue visibility.
As a result, former cryptocurrency mining sites are emerging as valuable assets in the AI era. Their existing power infrastructure, grid connections and operational facilities can be adapted to meet the growing needs of AI developers and hyperscale computing providers.
The SWI Group acquisition of Genesis Digital Assets illustrates how the boundaries between the cryptocurrency and AI sectors are increasingly overlapping. As competition for power intensifies, infrastructure once built to support digital currencies is now being repositioned to fuel the next phase of artificial intelligence growth.
