Update
SWI Group Repurposes Genesis Digital Assets for AI Infrastructure
SWI Group, which acquired a majority stake in Genesis Digital Assets, is converting the latter's data center estate from bitcoin mining toward AI and cloud-computing workloads. Genesis Digital Assets, once one of Sam Bankman-Fried's largest crypto investments, was previously focused on bitcoin mining, including large operations in Kazakhstan. SWI Group has raised $896 million to finance upgrades and expansion across Genesis Digital Assets' data center portfolio. The company plans to sell its final three small mining sites in Kazakhstan and repurpose the assets for hyperscale customers such as Amazon Web Services and Google Cloud. The move reflects a broader trend in crypto mining, where data center operators are increasingly chasing AI customers for long-term computing contracts.