The Block reported that Galaxy delivered 133 megawatts of critical IT load to CoreWeave at its Helios campus in West Texas, completing Phase I of the former bitcoin mine’s conversion into AI infrastructure. The broader commitment covers 526 MW of critical IT load across three phases, with 800 MW of gross power approved and contracted at the site.
This matters because the market is no longer valuing every crypto-mining power asset as a pure hash-rate story. Sites with grid access, transformers, cooling work and long-term tenants can trade more like infrastructure or data-center assets, while weaker miners remain exposed to coin price, network difficulty and financing costs.
For traders watching miners and AI-infrastructure stocks, the key comparison is contract quality. A long lease with a high-quality tenant is different from a speculative AI pivot with no delivered power. The risk is that equity prices can capitalize future data-center revenue too quickly before construction, interconnection and financing milestones are proven.
Sources: The Block; The Block background on Helios financing.
Risk notice: This article is for market observation and trading education only. It is not investment advice. Crypto, equities, futures and prediction markets can move quickly, and leverage can magnify losses.
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