Source: Cointelegraph Original: "{title}"

Bit Digital, a Bitcoin mining company, has acquired an industrial building in Madison, North Carolina, to enhance its business diversification strategy, shifting towards artificial intelligence (AI) and high-performance computing.

According to regulatory filings, Bit Digital agreed to purchase the property for $53.2 million through its wholly-owned Canadian subsidiary, Enovum Data Centers Corp. The investment includes a $2.25 million down payment, of which $1.2 million is non-refundable. The transaction is expected to be completed by May 15.

While submitting regulatory documents, Bit Digital also announced the construction of a Tier 3 data center in Quebec, which will support a 5-megawatt hosting agreement with AI infrastructure provider Cerebras Systems.

The Quebec facility is undergoing approximately $40 million in upgrades to meet Tier 3 standards—strict requirements that ensure high reliability and continuous operation of critical systems.

Bit Digital CEO Sam Tabar stated at the time that the Quebec operations "demonstrate our ongoing momentum in delivering dedicated AI infrastructure at scale."

Faced with the volatility of cryptocurrency prices and the revenue pressures brought on by the four-year Bitcoin (BTC) halving cycle, several mining companies are leveraging existing infrastructure to pivot towards other data-intensive businesses. Mining companies like Hive Digital have indicated that AI data centers could generate higher revenues than cryptocurrency mining.

According to data released by TheMinerMag, as a sign of economic distress, publicly traded Bitcoin mining companies sold over 40% of their Bitcoin holdings in March.

Publicly traded miners unable to control costs face the greatest challenges in maintaining their Bitcoin operations, putting more pressure on executives to seek alternative revenue sources.

A report released by CoinShares in October noted that the least profitable miners are more likely to pivot towards AI and other businesses.

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