A new report from Rittenhouse Research has revealed that crypto firm Galaxy Digital is pivoting away from Bitcoin mining and towards artificial intelligence (AI) data centers. They predict this strategic shift will lead to significant financial success for the company. 2022 saw Galaxy Digital purchase Helios, a Texas-based data center, which marked their transition from mining Bitcoin to developing AI infrastructure. The Helios facility boasts 800 megawatts of power, enabling Galaxy Digital to support AI tasks efficiently. The report highlights that the firm has abandoned Bitcoin mining entirely and is using this facility for its growing AI needs. Notably, a $4.5 billion deal with CoreWeave, a cloud computing company, has been secured to utilize their data center for AI-driven tasks, promising high profits. 2024’s Bitcoin mining rewards cut and rising costs are proving challenging for traditional mining operations, while Galaxy Digital is thriving in this new domain. The firm has seen less bitcoin mined and earned less money, despite deploying superior technology. AI data centers offer a more stable revenue stream with lower operating costs compared to mining Bitcoin. Experts anticipate companies investing in AI will reap billions annually by 2027. Galaxy Digital continues upgrading Helios, aiming for 2.5 gigawatts of power, positioning it among the largest data centers in North America. With $1.8 billion in cash and a proven track record, the company is even stronger than competitors like Cipher Mining, which remains focused on Bitcoin mining. Galaxy Digital’s embrace of AI alongside blockchain technology positions it for leadership in the industry. Such an approach could lead to a highly successful company within the crypto space.