Bitcoin · Compute · South Korea · Bitcoin.com News
SWI Turns FTX’s Former Bitcoin Mining Infrastructure Toward AI Boom
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Genesis Digital Assets, once one of Sam Bankman-Fried’s largest crypto investments, is being repurposed for the artificial-intelligence boom after SWI Group took majority control.
Key facts
- The Amsterdam-listed infrastructure company announced on Monday, Oct. 12, that it has raised $896 million (€800 million) to finance upgrades and expansion across its data-center portfolio
- The same day the lawsuit was dropped, SWI announced an initial $500 million investment in Genesis Digital
- The assets SWI wants are the power-heavy data centers Genesis Digital built across Texas, North Carolina, South Carolina and Sweden
- After FTX collapsed in November 2022, bankruptcy administrators later described Genesis Digital as one of Bankman-Fried’s most reckless investments
Summary
SWI Group took control of Genesis Digital and raised about $896M to expand AI data centers. The pivot shows bitcoin miners are repurposing power infrastructure for higher-value AI compute. The key test is whether SWI can turn former mining sites into durable hyperscale contracts. A bitcoin mining company once tangled in the wreckage of FTX is getting a second life, this time as an artificial-intelligence (AI) infrastructure play.