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SWI is walking away from Bitcoin mining in Kazakhstan. The Amsterdam-listed investor is selling the last three sites of Genesis Digital Assets, a miner once backed by Alameda Research, after raising €800 million ($894 million) to turn facilities in the US and Sweden into AI data centers.
Genesis Digital Assets, once one of the world’s largest Bitcoin mining operators, built a substantial international footprint during the cryptocurrency industry’s previous expansion cycle. Its operations included facilities in Kazakhstan, the United States and Sweden.
SWI now plans to repurpose selected US and Swedish facilities under the SWI Digital name, redirecting their infrastructure toward AI and high-performance computing applications.
The strategy focuses on the underlying assets that make large computing operations possible. Electricity supply, grid access, industrial sites and supporting infrastructure can be valuable to cloud providers that need substantial power capacity to operate AI services.
Potential customers include hyperscalers such as Amazon Web Services and Google Cloud, although identifying these companies as target tenants does not establish that either has signed a lease with SWI.
The three Kazakhstan Bitcoin mines being offered for sale are the final mining sites Genesis Digital operates in that country, according to the supplied report. Meanwhile, SWI is prioritizing the development of its American and Swedish facilities.
The proceeds and newly raised capital are intended to support power infrastructure, computing deployments and the company’s development pipeline on both sides of the Atlantic.
This transition illustrates an important distinction in the evolving digital infrastructure market: a facility built to support cryptocurrency mining may possess useful power and site infrastructure, but converting it into an AI data center can require significant additional investment, technical upgrades and suitable customer agreements.
For SWI, the opportunity lies in turning existing infrastructure into capacity that can serve the expanding needs of enterprise computing and AI.
Genesis Digital’s transformation comes with a complicated history tied to the collapse of FTX, the cryptocurrency exchange founded by Sam Bankman-Fried.
Alameda Research, Bankman-Fried’s trading firm, invested more than $1 billion in Genesis Digital beginning in 2021, acquiring an approximately 20% stake in the mining business. The investment helped support a company that had grown into one of the largest Bitcoin mining operators globally.
However, FTX’s November 2022 bankruptcy triggered questions about the investment’s valuation and the use of funds associated with the failed exchange.
Administrators overseeing the FTX estate subsequently filed a lawsuit seeking to recover approximately $1.15 billion from Genesis Digital. They alleged that the investment represented an excessively risky transaction and challenged the valuations assigned to the miner’s assets.
The legal battle ended on June 15, 2026, when the FTX estate voluntarily dismissed its claims against Genesis Digital, according to reporting by Bloomberg Law. The dismissal removed the lawsuit from the ongoing effort to recover funds for FTX creditors.
On the same day, SWI announced a $500 million acquisition involving a significant stake in Genesis Digital. The company subsequently completed its acquisition of a controlling interest, securing more than 70% of the voting rights by August.
George has said the disputes involving FTX and other shareholders have been resolved, clearing the way for the company’s strategic transformation.
The resolution removes a significant legal complication from the business’s ownership history, although it does not eliminate the operational and financial challenges involved in converting mining infrastructure into AI-ready facilities.
SWI’s decision reflects a broader shift across the mining industry, where operators are increasingly exploring AI and HPC as alternative sources of revenue.
The economics of Bitcoin mining can be challenging when electricity, equipment and operating expenses rise faster than mining revenue. Publicly listed miners have therefore begun leveraging their power capacity and real estate to pursue contracts with AI companies and cloud computing providers.
Industry reporting has highlighted more than $70 billion in announced AI and HPC deals involving publicly traded mining companies. These arrangements demonstrate the scale of interest in converting mining-related infrastructure into computing capacity for other industries.
Production costs have also intensified the pressure. A report cited by Cryptopolitan placed the weighted-average cash cost of producing one bitcoin among listed miners at approximately $79,995 in the fourth quarter of 2025, when Bitcoin traded between roughly $68,000 and $70,000. Cash production costs are not the same as total costs, but the figures illustrate the potential squeeze on mining margins.
Companies including Cipher Mining, TeraWulf, MARA Holdings, Core Scientific and Hut 8 have pursued strategies involving AI infrastructure or high-performance computing.
MARA, for example, agreed in April 2026 to acquire Long Ridge Energy & Power, a 505-megawatt natural gas power plant in Hannibal, Ohio, for $1.5 billion, according to Cryptopolitan’s report.
The move underscores how energy access is becoming a strategic asset for companies seeking to serve both cryptocurrency and AI markets.
For SWI, selling the Kazakhstan Bitcoin mines while repositioning facilities in the United States and Sweden represents a decisive break from its previous operating model. The commercial outcome, however, will depend on execution, capital expenditure, customer demand and the ability to secure viable AI computing contracts.
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