Crusoe Energy is exiting the Bitcoin mining business to double down on artificial intelligence infrastructure. On March 25, the Denver-based company announced it would sell its bitcoin mining operation—including 425 modular data centers and its Digital Flare Mitigation (DFM) technology—to New York Digital Investment Group (NYDIG). The deal includes 270 megawatts of power generation capacity and will transfer 135 employees to NYDIG without job cuts.
The acquisition, pending regulatory approvals, marks a pivotal shift for Crusoe, which pioneered a model of capturing natural gas waste from oil fields and repurposing it to power high-performance computing operations.
This process, known as DFM, turned stranded energy into electricity used for Bitcoin mining and AI workloads. Since its founding in 2018, Crusoe has mitigated 2.7 million metric tons of greenhouse gas emissions and prevented 22 billion cubic feet of natural gas from being flared—equivalent to removing 630,000 cars from the road for a year.
Crusoe initially used its mobile DFM-powered data centers to monetize wasted energy through Bitcoin mining, deploying the technology across seven U.S. states and Argentina. As AI demand surged, the company began redirecting resources toward GPU-powered data centers and AI infrastructure.
“The AI business — it’s become the majority of our revenue,”
Said Crusoe co-founder and president Cully Cavness. The company recently expanded its AI data center campus in Abilene, Texas, to 1.2 gigawatts and entered a joint venture with investment firm Engine No. 1 to build large-scale data center campuses across the U.S. In December, Crusoe closed a $600 million Series D round at a $2.8 billion valuation to further scale its AI operations.
Crusoe CEO Chase Lochmiller called the sale
“a consolidation of a business that is more valuable than the sum of its parts.” He added, “We will continue to channel the same energy-first mentality towards scaling AI infrastructure.”
NYDIG plans to integrate Crusoe’s mining operations into its existing bitcoin custody and institutional trading services.
“Crusoe has built an extraordinary bitcoin mining business,”
Said NYDIG CEO Tejas Shah.
“We’re incredibly excited to integrate this world-class team and their capabilities into our growing business.”
Ross Stevens, NYDIG founder and executive chairman, emphasized the strategic significance of the acquisition.
“It is critically important to keep the Bitcoin network secure, and at the lowest possible cost,” he said, adding that fiat currencies are “collapsing against Bitcoin around the world.”
Crusoe will now focus exclusively on AI-optimized infrastructure, including its Crusoe Cloud platform and expansion of clean-energy-powered data centers. The company says it will continue driving innovation at the intersection of computing and energy.
