Galaxy Digital, the financial services and investment firm led by Mike Novogratz, is reportedly planning to end its hosting services for Argo Blockchain’s Bitcoin mining operations.

This move marks a strategic pivot for Galaxy as it considers repurposing its Helios mining facility into a high-performance computing (HPC) center, a decision that reflects the company’s interest in exploring broader applications in the tech sector, particularly in AI and other compute-heavy sectors.

Galaxy Digital, the financial services and investment firm led by Mike Novogratz, is reportedly planning to end its hosting services for Argo Blockchain’s Bitcoin mining operations.

This move marks a strategic pivot for Galaxy as it considers repurposing its Helios mining facility into a high-performance computing (HPC) center, a decision that reflects the company’s interest in exploring broader applications in the tech sector, particularly in AI and other compute-heavy sectors.

Galaxy initially acquired the Helios facility from Argo Blockchain in December 2022 for $65 million and also provided a $35 million loan to assist with Argo’s liquidity needs.

This arrangement allowed Galaxy to host Argo’s Bitcoin miners at Helios while maintaining operational control over the facility.

However, with the evolving landscape and increasing interest in HPC to support artificial intelligence, scientific research, and other data-intensive applications, Galaxy appears to be re-evaluating its focus.

The pivot aligns with a broader trend among Bitcoin miners, where firms are exploring alternative revenue streams through computational infrastructure suited for emerging technologies beyond cryptocurrency.

Galaxy initially acquired the Helios facility from Argo Blockchain in December 2022 for $65 million and also provided a $35 million loan to assist with Argo’s liquidity needs.

This arrangement allowed Galaxy to host Argo’s Bitcoin miners at Helios while maintaining operational control over the facility.

However, with the evolving landscape and increasing interest in HPC to support artificial intelligence, scientific research, and other data-intensive applications, Galaxy appears to be re-evaluating its focus. The pivot aligns with a broader trend among Bitcoin miners, where firms are exploring alternative revenue streams through computational infrastructure suited for emerging technologies beyond

As the cryptocurrency mining industry faces ongoing profitability challenges, this transition underscores the adaptive strategies some major players are adopting to capture new market opportunities in technology infrastructure.