Hyperscale Data shares have fallen to an all-time low after the Nasdaq-listed company shut down Bitcoin mining at its Michigan data centre to make way for an artificial intelligence infrastructure project.
The company said all Bitcoin miners at the site had been switched off on 1 September, following an agreement to prepare the facility for the deployment of AI computing infrastructure.
Hyperscale Data’s stock, listed under the ticker GPUS, traded as low as $0.22 on Tuesday morning. The latest decline has taken the share price more than 76% lower since the start of 2026.
The Michigan facility is being redeveloped through a master services agreement with an unnamed “California-based neocloud provider”. Under the initial terms, the planned project covers 20 megawatts and could generate approximately $1.2bn for Hyperscale Data over 20 years, according to the company’s estimates.
The agreement also contains an option for a further 32 MW expansion. If the customer takes up that additional capacity, Hyperscale Data estimates total revenue from the contract could rise above $3bn.
Despite that potential expansion, the company says the project would use only about 20% of the roughly 340 MW of power capacity it is targeting for the Michigan site. That would leave substantial room for further customers and additional AI-related infrastructure.
Hyperscale Data has been selling part of its Bitcoin holdings to help pay for the redevelopment and the equipment required for the new operation. The company sold 830 BTC during the past five weeks, raising approximately $53m to fund work at the Michigan facility.
Bitcoin Treasuries estimates that Hyperscale Data still holds 275 BTC, valued at about $21.2m. The figure is based on a Bitcoin price of $76,965.24.
The closure in Michigan does not represent a complete withdrawal from Bitcoin mining for the company. Hyperscale Data continues to operate about 10 MW of mining capacity at one of its main sites in Montana.
In June, the company said it was considering a 125 MW expansion at that Montana location, suggesting Bitcoin mining will remain part of its operations while it develops its AI business.
The shift reflects Hyperscale Data’s attempt to redirect resources from cryptocurrency mining towards AI computing, a sector that has attracted growing demand for high-capacity data centres and access to large amounts of electricity.
The redevelopment agreement is currently focused on the Michigan site, with the first phase covering 20 MW. Any increase to 52 MW would depend on the customer exercising the expansion option. The company’s broader target of about 340 MW means the proposed arrangement would still account for only a portion of the facility’s intended capacity.
