NYDIG Acquires Crusoe's Bitcoin Mining Operations, Expands Its Mining and Energy Infrastructure

NYDIG has announced it entered into a definitive agreement to acquire Crusoe's Bitcoin mining operations, a move that will add over 270 megawatts of power generation technology to NYDIG's vertically integrated mining and energy infrastructure.

New York Digital Investment Group (NYDIG) has announced that it has entered into a definitive agreement to acquire the bitcoin mining operations of Crusoe Energy Systems. The transaction will add more than 270 megawatts of power generation technology to NYDIG's vertically integrated bitcoin mining and energy infrastructure.

The transaction will also bring over 250 employees, seven new and rapidly expanding build-out and operating revenue-generating mega-watt level facilities, and a joint venture in Argentina to NYDIG.

Crusoe's Digital Flare Mitigation (DFM) technology-which is used to convert stranded natural gas into electricity-will now be used to fuel NYDIG's expansion efforts, aligning with the firm's strategy to create ‘nearly-zero direct cost’ electricity and lower input costs.

The transaction will also see Crusoe's team-who are pioneers in gas-flare-powered modular data centers-be integrated into NYDIG's Power & Bitcoin Mining division. The companies will also maintain a strategic partnership, with Crusoe continuing its focus on its AI data center infrastructure and NYDIG providing support in mining and financial infrastructure with its securitization and financing expertise.

"We are incredibly excited to integrate this world-class team and their capabilities into our growing business," said Tejas Shah, CEO of NYDIG.

"Crusoe has built an extraordinary bitcoin mining business through an outstanding level of innovation—assembling the industry’s top talent to solve critical challenges and unlock untapped energy sources. We are incredibly excited to integrate this world-class team and their capabilities into our growing business."

Founded in 2017 by Ben Beilmann, Crusoe is a cleantech company that develops and deploys technology to generate electricity from natural gas and other sources. The company's mission is to create a more sustainable future by providing a low-carbon footprint alternative to traditional energy sources.

Crusoe's flagship product is its Digital Flare Mitigation (DFM) system, which is used to convert stranded natural gas into electricity. The DFM system is a modular, scalable system that can be deployed quickly and easily at a variety of locations.

In addition to its DFM system, Crusoe is also developing a next-generation AI data center infrastructure that will be used to power the emerging wave of large language models (LLMs) and other computationally demanding AI applications.

"With fiat currencies collapsing against bitcoin around the world—and since I founded NYDIG even the U.S. dollar down 97% for Americans and American firms not yet saving in bitcoin—it is critically important to keep the bitcoin network secure, and at the lowest possible cost," said Founder and Executive Chairman of NYDIG, Ross Stevens.

"In the years to come, NYDIG will invest in and expand the footprint of DFM and bitcoin—separately and in combination—across the country and around the world."

"Crusoe's innovative approach to energy 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," said Chase Lochmiller, CEO and co-founder of Crusoe.

"We will continue to channel the same energy-first mentality towards scaling AI data center infrastructure and accelerating the adoption and proliferation of AI in our everyday lives."