On Wednesday, shares of Nasdaq-listed Hyperscale Data dropped to a historic low as the firm completely halted bitcoin mining activities at its data center located in Michigan, making room for its expanding artificial intelligence infrastructure business.
Based on a press release issued on Wednesday, the corporation announced that all cryptocurrency miners at the facility were powered down starting September 1, following an arrangement to ready the property for the installation of AI computing systems.
Trading as low as $0.22 during Tuesday morning sessions, Hyperscale Data’s stock (GPUS) pushed its total drop past 76% for the year 2026 alone.
Reddevelopment of the Michigan facility is taking place pursuant to a master services agreement alongside an anonymous California-based neocloud service provider. Projections by Hyperscale indicate that the contract encompasses 20 megawatts and stands to yield roughly $1.2 billion across a span of 20 years. An additional 32 MW expansion provision is built into the contract which could elevate earnings past $3 billion if the client decides to exercise it.
Hyperscale Data calculates that even if the expansion occurs, it will only utilize approximately 20% of the roughly 340 MW of power potential that the company aims for at the Michigan venue, leaving ample headroom for additional clients.
To help finance the conversion, the enterprise has been liquidating its bitcoin (BTC) reserves accumulated over the previous year, offloading 830 BTC across the last five weeks for about $53 million to support site development and hardware acquisition.
Data from Bitcoin Treasuries shows the organization still retains 275 BTC valued at $21.2 million inside its reserves.
Nevertheless, the shutdown does not signal a total departure from bitcoin mining for Hyperscale Data, given that the organization maintains roughly 10 MW of operational mining capacity at a primary facility in Montana and previously stated in June that it was investigating a 125 MW expansion at that location.
Originally published at https://www.theblock.co/news/markets/2026-09-02-hyperscale-data-shares-all-time-low-company-flips-michigan-site-bitcoin-mining-into-ai-413357.
