SWI Group has raised about $900 million (800 million euros) to expand its data center and AI computing capacity in Europe and the United States. The group now holds majority control of Genesis Digital Assets, a crypto mining company formerly tied to FTX, after buying a significant stake for $500 million in June and raising its ownership to 70% by August. Genesis operates 15 facilities with 1.3 gigawatts of capacity, and the venture may be renamed SWI Digital. Alameda Research, FTX's sister firm, reportedly spent more than $1 billion to buy a 20% stake in Genesis between 2021 and 2022, before FTX filed for bankruptcy in November 2022. SWI's co-founder and CEO said all legal disputes related to FTX's Genesis stake have been resolved.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: FTX’s crypto mining venture is now used to advance AI
Read the original on Cointelegraph ↗
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