Galaxy Digital to Shift Focus from Bitcoin Mining to AI and HPC Facilities
AI Summary
According to PANews, Galaxy Digital plans to reduce its Bitcoin mining output in the coming quarters due to a new 15-year hosting agreement with CoreWeave. This strategic move involves transforming its Texas data center into facilities dedicated to artificial intelligence (AI) and high-performance computing (HPC).
In its fourth-quarter financial report, Galaxy Digital revealed that it mined 977 BTC in 2024, generating $22.1 million in revenue after accounting for reduction subsidies, with expenses totaling $11.9 million. The marginal cost per Bitcoin in the fourth quarter was below $38,000, while the average cost for the year was approximately $26,000.
Despite these figures, Galaxy Digital anticipates a decline in its managed hash rate and overall Bitcoin production as it reallocates resources from Bitcoin mining to support CoreWeave's AI infrastructure.
