A former 40 MW Bitcoin mining site in Spartanburg County, South Carolina, is being repurposed by AIB Data Centers for a 50 MW artificial-intelligence campus serving cloud provider Nebius. The project’s identity and local permitting conditions came into focus in an October 29 report, following AIB’s September 30 customer agreement and October investor disclosures.

AIB has a binding 12-year colocation agreement with Nebius and a separate 15-year utility contract covering 65 MW. The distinction matters: 50 MW is the contracted critical IT load; 65 MW is utility service capacity. They are not additional amounts to sum.

Why an Idle Bitcoin Mine Matters

AIB’s second-quarter SEC report says it shut down Bitcoin hosting on June 5 as mining economics deteriorated; the site remained idle as of August 13. That leaves valuable pre-existing land, electrical connections and industrial infrastructure that may reduce the delays facing newly proposed AI campuses.

But the hashprice pressure on miners is only part of the explanation. AI colocation requires different rack densities, cooling, redundancy, networking and service-level guarantees. Reusing a power connection does not mean existing ASIC racks can simply be swapped for GPUs.

Official Spartanburg County Council recording of October 19, 2026. The meeting addressed data-center rules and AIB’s proposed development agreement; this video does not show a completed AI facility or establish final approval.

Construction, Not Commissioning

The company’s October investor plan calls for two 25 MW data halls, both targeted for delivery in the fourth quarter of 2027. Customer prepayments, project debt and preferred equity are proposed funding sources, but AIB’s investor deck says financing is not fully completed. No 50 MW operating AI capacity has been demonstrated.

Spartanburg County’s data-center moratorium provides limited industrial-site exceptions, with rules covering noise, lighting and landscaping. A public hearing on AIB’s development agreement is scheduled for November 3. As of publication, the project should not be described as holding final county approval.

The development adds a concrete case to our South Carolina data-center coverage and the question of whether facilities can bypass grid queues. The next measurable milestones are county approval, completed financing, construction progress and energized AI halls—not merely the signed customer contract.

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