Hyperscale Data Ends Michigan Bitcoin Mining, Pivots to AI as Shares Hit All-Time Low

Hyperscale Data has shut down bitcoin mining at its Michigan data center and repurposed the facility for AI computing, following a deal the company estimates could exceed $1.2 billion.

The master services agreement with a California-based neocloud provider runs 10 years, with two optional five-year extensions that push the maximum term to 20 years. Contracted deployment stands at 20 MW of AI computing capacity. A 32 MW expansion clause could lift total revenue above $3 billion if exercised, The Block reported.

The pivot comes as Hyperscale shares (GPUS) hit a record low. The stock fell to $0.22 on Tuesday morning, extending a 2026 decline past 76%, The Block reported. Cointelegraph, citing Yahoo Finance, put Wednesday’s close at $0.1984. That was down roughly 17%, after an intraday low of $0.1932. The sources differ on the listing exchange: The Block describes Hyperscale as Nasdaq-listed; Cointelegraph calls it NYSE American-listed.

The slide followed a one-for-five reverse stock split that took effect Aug. 25, 2026, per an SEC filing.

All miners at the Michigan site went dark Sept. 1 after an inspection by the neocloud provider, now the anchor tenant. Hyperscale plans to sell the associated mining equipment.

The clean narrative is that Hyperscale is trading crypto for AI. That skips the capital strain underneath. The company has been selling bitcoin to fund the very Michigan build-out it now pitches as its future. Over the past five weeks, Hyperscale unloaded roughly 830 BTC for about $53 million, The Block reported. In the week ending Aug. 30 alone, it moved about 65 BTC for $5.1 million, Cointelegraph reported. Proceeds went toward additional capital for the Michigan development.

On July 30, Hyperscale held roughly 1,006 Bitcoin and had sold 100 BTC while arranging a BTC-backed credit facility for the Michigan campus, Cointelegraph reported.

Figures differ on what remains. The Block, citing Bitcoin Treasuries, reported 275 BTC worth $21.2 million. Cointelegraph, citing BitcoinTreasuries.NET, put the stash at 215 BTC worth about $16.7 million, a roughly 79% drop from the July figure and 84th among public companies on the platform.

Even with the 32 MW expansion, Hyperscale estimates the contracted capacity would use only about 20% of the roughly 340 MW of power the company is targeting for the Michigan site. The company cautioned that expansion plans remain preliminary and subject to financing, approvals and other risks.

Mining isn’t gone entirely. Hyperscale still operates about 10 MW of mining capacity in Montana, and in June 2026 claimed it was exploring a 125 MW expansion there, The Block reported.

The neocloud customer’s identity was not disclosed. Whether the customer exercises the expansion options or the extensions is not yet known.