NYDIG has announced plans to acquire Crusoe’s Bitcoin mining operations, including the Digital Flare Mitigation (DFM) business. This transaction is subject to regulatory approval, customary consent and final closure. Once completed, approximately 135 Crusoe employees will join NYDIG and continue operating the business under ownership. The acquisition will not result in job exclusion. The financial conditions for the transaction have not been disclosed.
“The partnership with Crusoe was established based on shared cultural integrity and mutual commitment to fostering progress at the intersection of power and calculation,” said Nydig CEO Tejas Shah. “Crusoe has built an extraordinary Bitcoin mining business by demonstrating incredible innovation. It brings together industry leadership to solve complex challenges and unleashes untapped energy sources. We are extremely excited to integrate this world-class team and its capabilities into a growing business.”
Founded in 2018, Crusoe has developed DFM technology to convert natural gas from oil fields. The company initially used these data centers for Bitcoin mining, before expanding to artificial intelligence (AI) workloads powered by GPU clusters. Crusoe’s approach to collocating computing and energy production contributes to reducing environmental impacts while utilizing isolated energy sources.
Crusoe’s Bitcoin Mining Operations operates over 425 modular data centers, accounting for more than 250 megawatts of electricity across multiple states, including Colorado, North Dakota, Montana, Montana, Wyoming, New Mexico, Utah and Texas, and explains Argentina internationally. The company said its DFM technology eased 2.7 million tonnes of greenhouse gas emissions and prevented nearly 22 billion cubic feet of natural gas from burning.
“The work proof consensus mechanism in the Bitcoin blockchain algorithmically encourages the convergence of energy and computing,” said Chase Lochmiller, co-founder and CEO of Crusoe. “Crusoe is proud to be a pioneer in reusing wasteful energy resources such as gas flaring to drive the Bitcoin network. The innovative approach to energy used in mining is more important than NYDIG’s Bitcoin custody, facility trading, mining, complementing the mining business, and continuing the same energy infrastructure and acceleration of AI adoption and proliferation in our daily lives.”
Following the transaction, Crusoe will shift its focus to continuing to develop energy solutions for computing operations, expanding its AI infrastructure scaling, building an A-Optimized Data Center and offering Crusoe cloud products.
Nydig’s post to get Crusoe’s Bitcoin Mining Operations was first published in Bitcoin Magazine and was written by Nik.
