Galaxy Digital (GLXY) has completed the first phase of power delivery at its Helios data center campus in West Texas, handing CoreWeave (CRWV) 133 megawatts of critical IT load under a 15-year lease and marking the site's transition from bitcoin mining to revenue-generating AI infrastructure.
The delivery covered roughly 200 MW of gross power on schedule, with rent commencing under the Phase I lease in the second quarter of 2026, Galaxy said Monday.
Helios began as one of North America's largest bitcoin mines, an 180 MW facility that Galaxy bought from Argo Blockchain for $65 million in 2022, before winding down mining and retrofitting the site for AI and high-performance computing workloads.
That same pivot mirrors CoreWeave's own path. The GPU cloud provider mined Ethereum (ETH) before The Merge ended proof-of-work rewards on the network, then rebuilt around AI compute, making the Helios lease a deal between two companies that both exited crypto mining for the economics of AI power.
The trade has become a defining one across the mining sector, as operators with cheap, contracted electricity reposition idle or marginal capacity toward AI tenants paying steadier revenue than block rewards.
