A former multi-billion-dollar Bitcoin mining operation has officially pivoted to artificial intelligence. SWI Group announced an 800 million euro (approximately $900 million) capital raise to expand AI data centers across Europe and the United States. The funding is directed to Genesis Digital Assets, a crypto mining company now rebranded as SWI Digital.
The move marks the final chapter in resolving one of the high-value assets left behind by the FTX exchange.
From Crypto Mining to a Computing Network
Genesis has a long track record in the digital asset mining sector. When SWI announced a significant $500 million stake acquisition in June 2026, Genesis operated 15 facilities with a total power capacity of 1.3 gigawatts.
As of August 2026, SWI’s stake increased to 70% in Genesis. Following the rebranding to SWI Digital, the mining facilities have officially joined SWI’s high-capacity computing data center network.
Previously, FTX and Alameda Research spent more than $1 billion to acquire a 20% stake in Genesis between 2021 and 2022. When Sam Bankman-Fried’s crypto exchange went bankrupt, the stake acquired with over a billion dollars in funds became tied up in bankruptcy litigation.
Resolving the FTX Stake Dispute
Legal uncertainty surrounding the high-value asset has now come to a close. SWI CEO Max-Hervé George confirmed that all legal disputes regarding FTX’s shares in Genesis have been fully settled.
The legal clarity clears the way for SWI to deploy $900 million in capital to finance AI server facilities across two continents. Meanwhile, the collapse of FTX continues to captivate the public, with Netflix currently preparing a series about the exchange’s bankruptcy, Sam Bankman-Fried, and former Alameda CEO Caroline Ellison.
Why Miners Are Turning to AI
Genesis’ shift in focus reflects a broader trend among global Bitcoin miners. Many mining operators are choosing to redirect their power capacity toward high-performance computing (HPC) and AI workloads - sectors that offer stable revenue streams without relying on mining reward fluctuations.
The 1.3 gigawatts of power capacity originally used to process Bitcoin transactions is now transitioning to support artificial intelligence computing infrastructure. This business model demonstrates that crypto miners’ physical assets hold strong appeal for the mainstream tech industry.
For crypto market participants, this shift highlights a new dynamic: competition for power supply is now taking place directly against the artificial intelligence sector, driving up the barrier to entry for miners seeking to remain on the Bitcoin network.
Reported by Cointelegraph.
Also read: What Is DeFi (Decentralized Finance)?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
