Hyperscale Data Announces 640 Bitcoin Mined Year to Date

Rhea-AI Summary

Hyperscale Data (NYSE American: GPUS) reports mining 640 Bitcoin year to date through November 26, 2024. The mining output comprises 380 Bitcoin from their Michigan facility and 260 Bitcoin from machines previously hosted by Core Scientific. The company is currently transitioning from Bitcoin mining to become a pure play artificial intelligence data center business, while maintaining transparency with stockholders during this strategic shift.

Positive

• Successful mining of 640 Bitcoin year to date
• Strategic transition to AI data center business indicates business model evolution

Negative

• Phasing out of Bitcoin mining operations suggests potential revenue stream reduction during transition

Insights

Financial Analyst

The mining of 640 Bitcoin year-to-date represents significant operational activity, though the impact is muted by the company's strategic pivot away from mining. With Bitcoin's current value around $37,000, this mining output translates to approximately $23.7 million in potential revenue before operating costs. The split between facilities (380 from Michigan, 260 from Core Scientific hosting) indicates diversified mining operations, but the announced transition to AI data centers signals a fundamental business model shift. This transition could be strategically sound given the volatile nature of cryptocurrency mining and potentially higher margins in AI infrastructure services. However, the lack of specific timeline or financial projections for this transition leaves uncertainty about future revenue streams.

LAS VEGAS, Nov. 29, 2024 (GLOBE NEWSWIRE) -- Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data,” or the “Company”), today announced that it has mined 640 Bitcoin year to date through November 26, 2024. Of this total, approximately 380 were mined at the Company’s facility in Michigan, with the remaining approximately 260 Bitcoin from mining machines previously hosted by Core Scientific, Inc.

William B. Horne, CEO of Hyperscale Data, stated, “While the Company is transitioning to a pure play artificial intelligence data center business, we remain pleased with our past and current Bitcoin mining operations. We are committed to keeping our stockholders informed as we make the transition into a pure play data center business.”

For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors, and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at https://hyperscaledata.com/ or available at www.sec.gov.

About Hyperscale Data, Inc.

Hyperscale Data is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines Bitcoin and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides mission-critical products that support a diverse range of industries, including a social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma, hotel operations and textiles. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; Hyperscale Data, Inc.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8- K. All filings are available at www.sec.gov and on the Company’s website at www.hyperscaledata.com.

Hyperscale Data Investor Contact:
IR@hyperscaledata.com or 1-888-753-2235

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9a9dde8d-6a9a-4855-968b-585be58411fc

FAQ

How many Bitcoin has Hyperscale Data (GPUS) mined in 2024?

Hyperscale Data has mined 640 Bitcoin year to date through November 26, 2024

Where are Hyperscale Data's (GPUS) Bitcoin mining operations located?

Hyperscale Data operates a mining facility in Michigan, which mined 380 Bitcoin, while 260 Bitcoin were mined from machines previously hosted by Core Scientific

What is Hyperscale Data's (GPUS) new business direction?

Hyperscale Data is transitioning from Bitcoin mining to become a pure play artificial intelligence data center business