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Event File AI Bitcoin Mining

Hyperscale Data Shares Hit Record Low Despite AI Pivot

1 reports · First detected 2026-09-03 · Last active 2026-09-03

Hyperscale Data is repurposing its Michigan bitcoin-mining operation for artificial-intelligence infrastructure, joining a broader shift among miners seeking to monetize access to power and data-center capacity. The strategy could replace volatile mining proceeds with contracted, long-term revenue, but its success depends on financing construction and delivering capacity for an unnamed California-based neocloud provider.

The company said on Sept. 2, 2026, that all bitcoin miners at the Michigan site had been switched off as of Sept. 1. Its 20-megawatt, 20-year agreement could generate about $1.2 billion, while a potential 32-megawatt expansion could lift revenue above $3 billion. Investors remained wary: GPUS shares traded as low as $0.22, extending their 2026 decline to more than 76% and setting an all-time low.

All Coverage

1 original reports
THEBLOCK.CO 2026-09-02
Hyperscale Data shares hit all-time low as company flips Michigan site from bitcoin mining into AI

The Backstory

The history behind this event
Hyperscale Data Sells 100 Bitcoin to Fund Michigan AI Campus2026-07-30 · 1 reports · similarity 0.88

Hyperscale Data, listed on NYSE American as GPUS, is shifting its Michigan campus from Bitcoin mining toward AI infrastructure. Its Alliance Cloud Services unit announced a master services agreement on June 24 with an unnamed California-based neocloud provider for an initial 20 megawatts of critical AI compute capacity. Retrofitting about 60,000 square feet is expected to cost $100 million to $120 million. The contract could generate more than $1.2 billion over 20 years, or over $3 billion with an additional 32 MW.

On July 30, 2026, Hyperscale Data said it had monetized about 100 Bitcoin and was directing the proceeds to construction, critical infrastructure and long-lead equipment; it did not disclose the cash raised. The company also established a Bitcoin-backed credit facility carrying an expected variable rate of about 4.5% to 5.0%, without naming the lender or facility size. The move followed its July 28 disclosure that 1,106.0467 Bitcoin were worth about $71.7 million as of July 27.

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