Galaxy Digital signs deal to convert its 800 trillion-watt mining capacity into high-performance computing

New York-based Galaxy Digital said in its third-quarter earnings report that it signed a non-binding term sheet with an unnamed U.S. hyperscale company that can convert all of its 800 trillion watts (MW) of power capacity into high-performance computing (HPC). Hyperscale companies are large data centers that specialize in providing large amounts of computing power.
The move comes at a time when the bitcoin halving has led to a slump in profits for the company and the mining industry as a whole. Galaxy's Helios mining facility in west Texas has secured a wholesale capacity of 800MW, of which 200MW is currently operational. The facility also has 1.7 gigawatts (GW) of generating capacity under study, pending potential licensing, according to the statement. Galaxy said that despite an 11% increase in total hash rate or mining capacity due to the halving, increased mining difficulty and seasonal curtailment of operations, mining revenue was still down 23% from the previous quarter.