[Digital Today reporter Jinju Hong (홍진주)] Three remaining bitcoin mining sites in Kazakhstan owned by Genesis Digital Assets have been put up for sale.

CryptoPolitan, a blockchain media outlet, reported on Oct. 13 local time that SWI Group, which controls Genesis Digital, is disposing of mining assets in Kazakhstan and shifting its business focus to AI data centres.

The key is a shift in where money is directed. SWI Group, listed on Euronext Amsterdam, raised 800 million euros from institutional investors and was valued at 6.1 billion euros. The fundraising pushed equity capital inflows since March 2026 above 1 billion euros, and the free float rose to about 20 percent of total share capital.

Chief Executive Max-Hervé George said the company has no intention of staying in bitcoin mining. He described the deal as aimed at keeping up with the pace of change in the compute and data centre market. SWI Group plans to deploy the funds it raised into power infrastructure in the United States and Sweden, building computing facilities, and a development pipeline across two continents.

Genesis Digital once ran a large-scale mining business in Kazakhstan, but the three sites now up for sale are the last mining facilities remaining in the country. SWI Group plans to retain power-intensive sites and grid connections in Texas, North Carolina, South Carolina and Sweden. These facilities will shift to AI workloads under a new brand, SWI Digital, and target hyperscalers such as Amazon Web Services and Google Cloud as key tenant demand.

The restructuring gathered pace just after the company completed a cleanup of its ownership structure tied to the FTX case. Sam Bankman-Fried's trading firm Alameda Research invested more than $1 billion in Genesis Digital from 2021, securing about a 20 percent stake. After FTX filed for bankruptcy in November 2022, bankruptcy estate administrators filed a lawsuit against Genesis Digital worth about $1.15 billion. The administrators argued the investment was "one of the most reckless investments" and that some assets were excessively valued.

The lawsuit was dropped on June 15, 2026. On the same day, SWI Group announced it would acquire about 40 percent of Genesis Digital for $500 million, and it concluded the deal in August to secure 70 percent of voting rights. George said disputes with FTX and other shareholders had been resolved.

Market conditions are also supporting miners' strategy changes. Listed mining companies announced more than $70 billion in AI and high-performance computing-related deals to offset mining losses. In the fourth quarter of 2025, the weighted average cash cost of production per bitcoin for listed miners was about $79,995, while the bitcoin price stayed between $68,000 and $70,000. As the gap between mining profitability and market prices widened, Cipher, TeraWulf, MARA Holdings, Core Scientific and Hut 8 are also reshaping power capacity to meet AI tenant demand.

MARA Holdings agreed in April to buy Long Ridge Energy and Power, the operator of a 505-megawatt natural gas power plant in Hannibal, Ohio, for $1.5 billion. Against this backdrop, SWI Group's sale of its Kazakhstan mining sites is seen not simply as asset disposal but as part of an industry overhaul that converts bitcoin mining infrastructure into AI power and data centre assets. SWI Group plans to continue securing power connectivity and sites in the United States and Sweden, while winding down Kazakhstan assets, to focus on responding to AI demand.