- AiOnX takes 77% share in US-based cryptocurrency miner
- The deal sees it take control of 15 data centers in the US and Sweden
- The $500 million acquisition sees it secure access to 1.3 Gigawatts of power, an increasingly scarce commodity for AI datacenters
AiOnX, a major data center infrastructure developer focused on hyperscalers across Europe, has taken a majority stake in the US-based cryptocurrency mining firm Genesis Digital Assets.
The transaction, valued at $500 million, sees its parent company, SWI Group, take a 77% stake in GDA, and gives it control over 15 cryptomining data centers across the US and Sweden – and perhaps more importantly, access to 1.3 Gigawatts of available power.
The agreement encompassing 15 data centers across North Carolina, South Carolina, and Texas, as well as two sites in Sweden.
A faster buildout with ready access to power
The move by SWI Group was reported by DataCenterDynamics, which said a deal was in the works between SWI and a then-unnamed US cryptomining entity.
It seems to have been dictated by GDA’s access to readily available power, even as most hyperscaler buildouts continue to struggle with their own power limitations, and as studies indicate it could eventually stall AI datacenter growth by as early as 2030.
The reason for GDA making for a relatively no-brainer acquisition by SWI, thanks to its power connectivity.
“Power connectivity is the most valuable commodity in digital infrastructure today, and converting legacy cryptocurrency mining infrastructure to AI and high-performance computing is the best and highest use of these assets,” noted SWI founder and CEO, Max-Hervé George.
“We have been investing in power-connectivity since 2020. This is what that thesis looks like at scale.”
This is not an isolated move, however, with…
