Source: Cointelegraph Original: "{title}"

Crusoe Energy, a company that powers high-performance computing using oil waste gas, is selling its Bitcoin (BTC) mining business to New York Digital Investment Group (NYDIG) to focus on artificial intelligence (AI).

In an announcement on March 25, Crusoe stated that it plans to sell its Bitcoin mining business, including its digital flare mitigation operations, pending regulatory approval and other consents.

The deal includes over 425 modular data centers with 270 megawatts of power generation technology owned by Crusoe in the United States and Argentina, and 135 Crusoe employees will join NYDIG, as the transaction will not result in any job cuts.

Founded in 2018, Crusoe pioneered technology to capture waste gas produced during oil extraction and refining processes to power Bitcoin miners. This waste gas is typically burned off in a process known as gas flaring.

Photo of gas flaring. Source: Crusoe Energy

It converts gas or "stranded energy" into electricity to power the high-performance computing required for Bitcoin mining and AI data centers. Some reports suggest that Crusoe's Bitcoin mining operations account for 1% of global Bitcoin mining.

However, Crusoe stated that the company now wishes to focus its technological efforts on building AI infrastructure.

"The AI business has become a major part of our revenue," Crusoe co-founder, president, and COO Cully Cavness told CNBC.

The company recently expanded its AI data center in Abilene, Texas, to 1.2 gigawatts, while announcing a joint venture with investment firm Engine No. 1 to develop large-scale data center campuses across the United States to build AI capabilities.

Source: Matthew Sigel

Last December, the company completed a $600 million Series D funding round at a valuation of $2.8 billion to support AI development.

"We see tremendous opportunities, and what we have announced — along with more to come — gives us a significant advantage and lead," Cavness added.

NYDIG stated that acquiring Crusoe's Bitcoin mining business will help expand its role in supporting the security of Bitcoin's proof-of-work.

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