SAN FRANCISCO and NEW YORK, March 25, 2025 (GLOBE NEWSWIRE) — Crusoe, the industry’s first vertically integrated AI infrastructure provider, and NYDIG, a leading bitcoin and power firm, today announced that NYDIG plans to acquire Crusoe’s bitcoin mining operation, which includes Crusoe’s Digital Flare Mitigation business, subject to regulator approvals, customary consents and final closing of the transaction. When the transaction closes, approximately 135 Crusoe employees will join the team at NYDIG and continue to operate the business under NYDIG. No roles will be eliminated as a result of the transaction. Terms of the transaction were not disclosed. NYDIG plans to continue to operate and invest in the growth of the business.
From its founding in 2018, Crusoe pioneered Digital Flare Mitigation (DFM) technology, an innovative solution that captures natural gas from oil fields that would have otherwise been burned off into the air as a “flare” and converts this stranded energy into electricity to power modular data centers co-located onsite in the oilfield. Crusoe’s DFM technology has been instrumental in realizing its mission of aligning the future of computing with the future of the climate. This pioneering business model demonstrated the potential to transform stranded energy into high-performance compute power, which established a paradigm shift and proved that data centers could be effectively located in remote areas at the source of abundant, clean energy. By monetizing a previously wasted energy source, Crusoe’s DFM offering not only solved an environmental problem but also paved the way for the company’s energy-first approach to its AI infrastructure strategy. This groundbreaking work laid the foundation and proved out a model that now much of the AI industry is following—it is not only possible but in fact more efficient to colocate computing workloads with energy production.
Crusoe initially leveraged these DFM-powered mobile data centers for bitcoin mining to monetize the stranded gas, before expanding to running AI workloads on graphical processing unit (GPU) clusters. Crusoe’s bitcoin mining operation has grown substantially over the years. To date, it has deployed more than 425 modular data centers (250+ MWs) in the field across seven states and two countries including Colorado, North Dakota, Montana, Wyoming, New Mexico, Utah, Texas and Argentina. Since launching the technology seven years ago, Crusoe’s DFM business has mitigated 2.7 million metric tons of greenhouse gas emissions, and prevented nearly 22 billion cubic feet of natural gas from being flared, saving the equivalent of taking nearly 630,000 cars off the road for a year.
“The proof-of-work consensus mechanism in the bitcoin blockchain algorithmically incentivizes the convergence of energy and computing. Crusoe is proud to have been a pioneer in repurposing otherwise wasted energy resources such as gas flaring to power the bitcoin network. Our innovative approach to energy utilized for mining is uniquely complementary to NYDIG’s bitcoin custody, institutional trading and mining businesses, creating a consolidated business that is more valuable than the sum of its parts,” Chase Lochmiller, CEO and co-founder of Crusoe said. “We will continue to channel the same energy-first mentality towards scaling AI infrastructure and accelerating the adoption and proliferation of AI in our everyday lives.”
“Our partnership with Crusoe was founded on a shared cultural alignment and mutual commitment to driving advancements at the intersection of power and compute,” said Tejas Shah, CEO of NYDIG. “Crusoe has built an extraordinary bitcoin mining business by demonstrating remarkable innovation—bringing together the industry’s top talent to solve complex challenges and unlock untapped energy sources. We’re incredibly excited to integrate this world-class team and their capabilities into our growing business.”
Moving forward, Crusoe will continue to grow and scale its vertically-integrated AI infrastructure solutions which include building AI-optimized data centers, expanding its Crusoe Cloud product offerings and continuing to drive and innovate industry-leading energy solutions to power its infrastructure.
About Crusoe
Crusoe is on a mission to align the future of computing with the future of the climate. Crusoe provides a reliable, scalable, cost-effective, and environmentally friendly solution for AI infrastructure by harnessing large-scale clean energy, building AI-optimized data centers, and empowering builders to reach their AI potential. Crusoe is empowering the AI revolution.
About NYDIG
NYDIG is a leading bitcoin, power, and financial services firm. The company’s expansive power infrastructure footprint supports bitcoin’s proof-of-work security and capitalizes on other productive uses of scaled low-cost energy. NYDIG pioneered bitcoin financial infrastructure through its proprietary, regulated custody and execution platform, delivering institutional-grade spot and derivatives trading, as well as structuring and financing services to a large institutional client base. NYDIG operates within Stone Ridge Holdings Group, a financial services firm focused on alternative asset management, reinsurance, and bitcoin.
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