.jpg)
Michigan mine goes dark
The shutdown ends the facility's run as a Bitcoin mine and begins its life as an AI computing site. The company said its customer contracted for 20 megawatts of critical AI computing capacity under a master services agreement, with an initial 10-year term and two optional five-year extensions controlled by the customer.
Hyperscale estimates the contract could produce more than $1.2 billion in revenue over 20 years, though that figure assumes the customer exercises both extension options. The customer also holds an option for another 32 MW of capacity, which could push total revenue above $3 billion if exercised within two years and retained through both extensions. Those projections depend on future decisions the customer has not made, and Hyperscale has not disclosed the contracted revenue from the initial term alone.
The Michigan facility could eventually support approximately 340 MW of power. A full 52 MW deployment under the current agreement would consume about 20% of that expected capacity, leaving the rest for other customers. The 340 MW target remains a development plan that depends on financing, engineering work, power availability, approvals and commercial demand.
Bitcoin treasury drained to fund construction
The conversion is being financed partly with Bitcoin. Hyperscale reported selling approximately 65 BTC for $5.1 million during the week ending Aug. 30, with proceeds providing additional capital for the data center project. The sales left the company holding roughly 215 BTC, worth about $16.7 million at the latest treasury update.
The company held approximately 1,006 BTC in late July, meaning it disposed of about 791 BTC within roughly one month. BitcoinTreasuries.NET now ranks the company 84th among the public businesses it tracks. The company has not published a consolidated breakdown showing the price and proceeds for every sale during the period.
The decision reflects a broader shift among Bitcoin miners redirecting existing power connections and data center infrastructure toward AI computing, as demand for high-performance computing grows. Mining economics have been under strain all year, and converting a site does not automatically make it suitable for AI customers, which can require different networking, backup systems and computing infrastructure.
Mining equipment heads to the market
Hyperscale said it expects to record additional gains from selling the Bitcoin mining servers removed from the Michigan operation. It has not disclosed the number of machines, their models, book value or expected sale proceeds. The value of used mining equipment depends on Bitcoin prices, network difficulty, energy efficiency and demand from other operators, so the expectation remains forward-looking until sales close.
The shutdown applies specifically to the Michigan facility. The announcement did not say the company had ended every Bitcoin-related activity across the wider corporate group, and Hyperscale continues to hold Bitcoin through its treasury. Its longer-term plan calls for separating Ault Capital Group through a divestiture expected in 2027, after which Hyperscale would focus on data center operations and digital asset holdings.
Shares hit record low after reverse split
Hyperscale Data shares closed at $0.1984 on Sept. 2, falling about 17% during the session. The stock traded as low as $0.1932 and reached an intraday high of $0.3012, with the closing price representing a split-adjusted record low. Trading volume exceeded 117 million shares, a considerable spike around the announcement.
GPUS began trading on a split-adjusted basis on Aug. 25 after the company completed a one-for-five reverse stock split. A reverse split reduces shares outstanding while proportionally increasing the price of each share, and does not by itself change the company's total market value.
CEO William Horne said he believed shareholders would benefit as the Michigan conversion advances and the market valuation moves closer to those of other data center companies. The next measurable milestones include preparing the initial 20 MW for the customer, selling the mining equipment and disclosing revenue under the initial contract term, alongside updates on construction costs and financing.
