Hyperscale Data said the last bitcoin rigs at its Michigan data center were powered down effective Sept. 1. The move follows an agreement to ready the facility for AI computing hardware. It is not a full retreat from mining, though. The company is still running about 10 MW of miners at one of its key Montana sites, and in June it said it was exploring a 125 MW expansion there.
The Michigan redevelopment is tied to a 20-year, 20 MW services contract with a California-based neocloud customer that has not been named. The company estimates the agreement may bring in about $1.2 billion across the life of the deal. The pact includes an option to add 32 MW, which - if the customer signs for it - would raise revenue to more than $3 billion. Even with the option taken, the customer would tap just about one-fifth of the approximately 340 MW power capacity Hyperscale aims for at the Michigan campus, leaving space for additional clients.
To finance development and equipment, Hyperscale sold 830 BTC in the past five weeks, raising roughly $53 million. It still holds 275 BTC valued at $21.2 million, according to Bitcoin Treasuries. Investors were not applauding: shares set an all-time low on Wednesday and, on Tuesday morning, GPUS traded at $0.22, extending the year-to-date slide to more than 76% in 2026, per Google Finance.
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Here is the takeaway for your wallet: Hyperscale is trading Michigan's mining load for long-term AI contracts that pair power capacity with projected revenue, while keeping a foothold in Montana and looking at more there. The company is converting assets, funding the build with bitcoin sales, and the stock has taken it on the chin during the transition. If you track GPUS, watch how many megawatts get contracted, whether the 32 MW option is exercised, how much BTC remains on the books, and how quickly Michigan fills beyond the first customer.