TheBlock
Galaxy has delivered 133 megawatts of critical IT load to CoreWeave at its Helios campus in West Texas, completing Phase I of a former Bitcoin mining site's conversion into an AI data center under a 15-year lease.
CoreWeave, itself a former Ethereum miner, has committed to 526 MW across three phases at Helios, with the full 800 MW of gross power approved and expected to generate more than $1 billion in average annual revenue.
Why it matters
The deal is one of the clearest signals yet that the bitcoin-mining fleet is being rewired for AI compute. Two ex-miners (Galaxy on the BTC side, CoreWeave on the ETH side) are turning stranded Texas power into GPU-dense hyperscale capacity, monetising the same megawatt twice: once as crypto hashpower, now as AI inference and training. The economics are hard to ignore when a single campus can pull eight figures of annual revenue per hundred MW.
Market impact
Galaxy's stock has become a direct read on the AI-infrastructure trade alongside pure-play miners. The Helios conversion validates the thesis that bitcoin-mining power capacity is AI's most overlooked asset, and competitors with idle or convertible capacity sit on the next leg of optionality. Watch the Phase II ramp and any new long-duration leases from peer miners.
Frequently asked questions
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What is the Galaxy-CoreWeave Helios deal?
Galaxy delivered 133 MW of critical IT load to CoreWeave at its Helios campus in West Texas, completing Phase I of a former Bitcoin mine's conversion into an AI data center under a 15-year lease.
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How much capacity has CoreWeave committed to at Helios?
CoreWeave has committed to 526 MW across three phases at Helios, with the full 800 MW of gross power approved and expected to generate more than $1 billion in average annual revenue.
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Why does a Bitcoin mining site convert to AI compute?
AI data centers and Bitcoin mines both need cheap, dense power. A converted mine monetises the same megawatt as GPU training or inference, often at higher per-MW economics than hashpower, especially after a Bitcoin halving.
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Were Galaxy and CoreWeave always crypto miners?
Galaxy ran large-scale Bitcoin mining operations, including the Helios site, while CoreWeave started as an Ethereum miner before pivoting into GPU cloud infrastructure for AI.
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What does this mean for other bitcoin miners?
Miners with idle or convertible capacity now sit on direct AI-infrastructure optionality. Galaxy's stock has increasingly traded as a read on that thesis alongside pure-play miners.
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