Bitcoin Mining News: SWI Raises €800M to Turn Ex-FTX Miner Into AI Hub

Published: October 13, 2026

Last Updated: 13 Oct 2026

Bitcoin mining news: ex-FTX miner Genesis Digital becomes AI data center

Bitcoin Mining News: SWI Group Raises €800M for AI Expansion.

Bitcoin mining news just got a €800 million twist. An ex-FTX-backed miner is being rebuilt for artificial intelligence, and the cash is already in. This week’s crypto news is about capital secured, not a coin price.

SWI Group, listed in Amsterdam, raised €800 million (about $894 million) on October 12, 2026 to expand AI data center capacity in Europe and the US.

It controls Genesis Digital Assets, a former FTX-backed miner, and plans to convert its sites for AI workloads.

What Does This Bitcoin Mining News Say About The €800M Raise?

SWI Group raised the money from undisclosed institutional investors at a valuation of about €6.1 billion. The funds will back power infrastructure and AI compute.

Reports say its sites in Texas, North Carolina, South Carolina, and Sweden will be marketed to cloud providers. Bitcoin mining news: ex-FTX miner Genesis Digital becomes AI data center

SWI Group €800M raise for Genesis Digital AI conversion, announced October 12, 2026.

How Did Genesis Digital Go From FTX Casualty to AI Asset?

Date	Event
2021 to April 2022	Alameda Research invests about $1.15B in Genesis Digital.
June 15, 2026	FTX trust drops its lawsuit; The Group announces a $500M stake deal.
August 2026	Purchase closes, giving about 70% of voting rights.
October 12, 2026	The Company announces the €800M raise.

Why Are Miners Pivoting to AI Infrastructure?

Mining pays in coins, so income swings with Bitcoin’s price and network difficulty and the level of competition among miners. AI hosting rents out computing power under long contracts. Hut 8’s 15-year, $9.8 billion Texas lease is one example.

Power is the shared prize. Genesis Digital reportedly holds over 1.3 GW of grid connections across 15 facilities. Mining machines called ASICs cannot run AI models, so converted sites need GPU servers and stronger cooling.

SWI’s CEO told The Wall Street Journal he has zero interest in mining Bitcoin.

Expert Opinion: What the Funding Raise Signals

Analysts would read the Fund raising as a bet that power access matters more than mining itself.

A big raise signals ambition, not delivery. Reports give no conversion timeline or named AI customers or contracted AI revenue, so the plan remains a stated goal.

YMYL Disclaimer: This article is for information only and is not financial or investment advice. Crypto assets and related shares are volatile and risky. Do your own research before you act.

About the Author Sanjeev Upadhyay

English Blog Writer at coingabbar.com

Sanjeev Upadhyay is a skilled crypto and web3 content writer who focuses on creating content on the crypto industry. He writes about Bitcoin, Dogecoin, blockchain technology, and the wider digital asset market. Crypto can sound complicated, so he explains each topic in plain words and short sentences. He checks facts before he writes and stays away from hype and big promises. His goal is to make every article clear, useful, and easy to trust. Whether you're new to crypto or have followed it for years, his content is written to help you understand the market with confidence.