DMG Blockchain Solutions withdrew its Bitcoin mining hashrate targets December 4, 2025, converting its 85-megawatt Christina Lake facility in British Columbia to AI data center infrastructure. The Canadian miner joins a North American trend of crypto operations pivoting to machine learning workloads amid volatile Bitcoin revenue.
CEO Sheldon Bennett cited "stronger margin profiles" in AI contracts compared to cryptocurrency mining. DMG acquired a 150MW Boardman, Oregon site in November 2025 for $12.3 million, targeting hyperscaler clients requiring industrial-scale power and cooling systems.
The shift mirrors moves by US competitors Core Scientific and Hut 8, which converted mining capacity to AI hosting in 2024-2025. Core Scientific signed a $3.5 billion contract with CoreWeave in January 2025 for 200MW of AI compute from repurposed infrastructure. Globally, data centers consume 1-1.3% of worldwide electricity demand, with AI workloads driving expansion in power-rich regions like Canada and Scandinavia.
DMG appointed Manish Z. Kshatriya, former Equinix VP of data center operations, and infrastructure finance specialist Sam Walding as directors in November and December 2025. Director Tom Panoulias resigned December 2025 following the strategy announcement.
Cryptocurrency mining facilities offer AI operators pre-built advantages: high-density power delivery, advanced cooling, and fiber connectivity. Building equivalent infrastructure costs $800-$1,200 per kilowatt new, according to JLL data center research. Reusing mining sites cuts capital expenditure 40-60%.
The transition carries execution risks in securing AI contracts and completing facility conversions. Stock performance will test investor appetite for crypto-to-AI transitions as capital shifts from mining equipment to data center infrastructure across North America's power corridor.
Sources:
1 Globe Newswire, "Infinico Metals Corp. Announces $200,000 Non-Brokered Private Placement, Changes to Board of Directo" (December 03, 2025)
2 Globe Newswire, "DMG Blockchain Solutions Announces 75 MW Utility Approval Expanding Christina Lake Data Center Power" (March 06, 2026)
3 Yahoo Finance, "Cenovus Energy’s Christina Lake Expansion Reshapes Growth And Valuation Story" (March 04, 2026)
4 Nasdaq, "Despite 311 Pages of Criticism, NASA Still Won't Cancel the Boeing Starliner" (March 14, 2026)