- NYDIG is set to acquire Crusoe’s bitcoin mining operations, including its Digital Flare Mitigation business, with 135 employees transitioning to NYDIG.
- Crusoe will focus on AI infrastructure post-sale, while NYDIG plans to expand its bitcoin mining and energy utilization efforts.
Bitcoin and energy-focused financial services firm, NYDIG has announced plans to acquire Crusoe’s bitcoin mining operations, including its Digital Flare Mitigation (DFM) business.
The transaction, subject to regulatory approvals and customary consents, will see approximately 135 Crusoe employees transition to NYDIG with no job cuts. Financial terms of the deal have not been disclosed.
Crusoe, founded in 2018, developed DFM technology, which converts natural gas from oil fields—otherwise burned off as waste—into electricity to power modular data centers. This method has enabled the company to utilize stranded energy sources for computing while reducing greenhouse gas emissions. Crusoe initially used these data centers for bitcoin mining before expanding to AI-driven computing workloads.
“The proof-of-work consensus mechanism in the bitcoin blockchain algorithmically incentivizes the convergence of energy and computing," said Chase Lochmiller, CEO and co-founder of Crusoe.
"Crusoe is proud to have been a pioneer in repurposing otherwise wasted energy resources such as gas flaring to power the bitcoin network.”
Crusoe has deployed more than 425 modular data centers, totaling over 250 megawatts, across seven U.S. states and Argentina. The company estimates that its DFM operations have mitigated 2.7 million metric tons of greenhouse gas emissions and prevented nearly 22 billion cubic feet of natural gas from being flared—an environmental impact comparable to removing 630,000 cars from the road for a year.
NYDIG, which provides bitcoin custody, institutional trading, and mining services, sees the acquisition as a strategic move to expand its capabilities.
“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,” said Tejas Shah, CEO of NYDIG.
“We’re incredibly excited to integrate this world-class team and their capabilities into our growing business.”
Following the sale, Crusoe will shift its focus entirely to AI infrastructure, including the development of AI-optimized data centers and expansion of its Crusoe Cloud product offerings. The company remains committed to integrating clean energy solutions into its operations.
Edited by Harshajit Sarmah
