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AiOnX Acquires Majority Stake in Genesis Digital Assets, Securing 1.3 GW of Power for AI Workloads
When the world of AI turned its eyes to the silent hum of mining rigs, AiOnX seized the moment. On 15 June 2026, the company’s parent, SWI Group, announced it had bought a 77 % stake in Genesis Digital Assets (GDA) for $500 million. The deal hands AiOnX control of 15 former mining sites—13 spread across North Carolina, South Carolina and Texas, and two in Sweden—along with 1.3 gigawatts of grid‑connected power.
The transaction was first reported by DataCenterDynamics, which highlighted that GDA’s attractive power contracts were the primary driver behind the purchase. 1.3 GW of ready‑to‑use electricity is a scarce commodity for the rapidly expanding AI sector, and the move enables AiOnX to repurpose the facilities for high‑performance computing instead of cryptocurrency mining.
GDA has long operated as a Bitcoin‑mining operator, but the business has struggled as Bitcoin prices have slipped below $70 000 and the industry has entered a prolonged bear phase. According to Coindesk estimates, AI‑based cloud contracts can deliver margins of up to 85 % with multi‑year revenue guarantees, a stark contrast to the volatile returns of crypto mining.
In a press release, SWI Group outlined its strategy to convert the acquired sites into “neocloud” services for hyperscalers. Founder and CEO Max‑Hervé George said the firm has been investing in power connectivity since 2020, and that shifting from legacy mining infrastructure to AI workloads represents the best and highest use of these assets.
The pivot from crypto mining to AI infrastructure is not an isolated case. Several other miners have either pivoted to or been acquired by AI‑focused operators. While ASIC mining equipment cannot be repurposed for AI, the power and cooling infrastructure can.
From an industry perspective, the deal underscores the growing importance of grid‑connected power for AI data centers. Analysts note that as AI models grow in size, electricity demand will rise sharply, potentially straining local grids. Converting existing mining sites with long‑term power contracts offers a faster path to scale AI workloads.
AiOnX’s purchase positions it to compete with other players converting crypto facilities. For instance, CoreWeave recently announced a $9 billion deal to acquire Core Scientific, gaining 1.3 GW of power for AI and high‑performance computing.
In summary, AiOnX’s $500 million acquisition of a majority stake in Genesis Digital Assets gives the company control of 15 data‑center sites and 1.3 GW of power, enabling a rapid transition from cryptocurrency mining to AI and hyperscaler services. The move reflects a broader industry shift toward repurposing mining infrastructure for high‑margin AI workloads, driven by the scarcity of ready‑to‑use electricity and the volatility of crypto mining returns.
The current status of the transition remains in the planning and conversion phase; AiOnX has not yet announced a timeline for full operational shift to AI workloads. The company’s next steps will likely involve retrofitting the sites with GPU clusters and establishing long‑term contracts with hyperscaler clients.
The transaction was first reported by DataCenterDynamics, which highlighted that GDA’s attractive power contracts were the primary driver behind the purchase. 1.3 GW of ready‑to‑use electricity is a scarce commodity for the rapidly expanding AI sector, and the move enables AiOnX to repurpose the facilities for high‑performance computing instead of cryptocurrency mining.
GDA has long operated as a Bitcoin‑mining operator, but the business has struggled as Bitcoin prices have slipped below $70 000 and the industry has entered a prolonged bear phase. According to Coindesk estimates, AI‑based cloud contracts can deliver margins of up to 85 % with multi‑year revenue guarantees, a stark contrast to the volatile returns of crypto mining.
In a press release, SWI Group outlined its strategy to convert the acquired sites into “neocloud” services for hyperscalers. Founder and CEO Max‑Hervé George said the firm has been investing in power connectivity since 2020, and that shifting from legacy mining infrastructure to AI workloads represents the best and highest use of these assets.
The pivot from crypto mining to AI infrastructure is not an isolated case. Several other miners have either pivoted to or been acquired by AI‑focused operators. While ASIC mining equipment cannot be repurposed for AI, the power and cooling infrastructure can.
From an industry perspective, the deal underscores the growing importance of grid‑connected power for AI data centers. Analysts note that as AI models grow in size, electricity demand will rise sharply, potentially straining local grids. Converting existing mining sites with long‑term power contracts offers a faster path to scale AI workloads.
AiOnX’s purchase positions it to compete with other players converting crypto facilities. For instance, CoreWeave recently announced a $9 billion deal to acquire Core Scientific, gaining 1.3 GW of power for AI and high‑performance computing.
In summary, AiOnX’s $500 million acquisition of a majority stake in Genesis Digital Assets gives the company control of 15 data‑center sites and 1.3 GW of power, enabling a rapid transition from cryptocurrency mining to AI and hyperscaler services. The move reflects a broader industry shift toward repurposing mining infrastructure for high‑margin AI workloads, driven by the scarcity of ready‑to‑use electricity and the volatility of crypto mining returns.
The current status of the transition remains in the planning and conversion phase; AiOnX has not yet announced a timeline for full operational shift to AI workloads. The company’s next steps will likely involve retrofitting the sites with GPU clusters and establishing long‑term contracts with hyperscaler clients.
