The next wave of artificial intelligence infrastructure won’t come from tech giants alone—but from nimble operators who already own the power.
Take Digi Power X Inc (NASDAQ:DGXX, TSX-V:DGX), a Miami-based, NASDAQ- and Toronto-listed company that has spent the past eight years mining Bitcoin and quietly building out a power generation footprint. Now, it’s shifting gears, rebranding to become what CEO Michel Amar calls “a power infrastructure company” with a focus on Tier 3 NeoCloud AI data centers.
Earlier this year, the company began pivoting its energy and data operations to target what Amar sees as a far more lucrative opportunity. “We're now pivoting to leverage that infrastructure for a much higher-value opportunity: AI data centers,” Amar said in an interview with Proactive. So far, the company has four sites and currently operate about 100 megawatts of Bitcoin mining capacity. It recently began developing its first Tier 3 AI data center in Alabama, which Amar called “an entirely different standard from Bitcoin mining.”
The economics reveal a significant disparity: Bitcoin mining infrastructure is valued at approximately $500,000 per megawatt, Amar noted, whereas AI infrastructure commands between $10 million and $12 million per megawatt—a 20 to 25 times higher valuation. With 300 megawatts of power allocation and infrastructure, Digi Power X’s shift from Bitcoin mining to AI dramatically transforms its asset value.
Fast track to Tier 3
Digi Power X’s Alabama site is expected to come online in late 2025, initially deploying 200 of Nvidia’s B200 chips, with plans to upgrade to B300s in early 2026. “That’s the strategy—position ourselves at the forefront of next-gen computer infrastructure,” Amar said.
What sets Digi Power X apart, according to its CEO, is the company’s existing infrastructure and ability to act quickly. “Most new entrants need three to five years to build a Tier 3 data center. We can do it in six to nine months,” Amar said. “We already have running infrastructure. We don’t need to wait years for utility contracts or substations to be built—we're already live thanks to our Bitcoin operations.”
The company’s partnership with Super Micro Computer is a big part of its advantage. The two firms are collaborating to deploy customized, liquid-cooled NVIDIA B200 GPU rack solutions integrated into Digi Power X’s proprietary ARMS (AI-Ready Modular Solution) pods. This partnership enables rapid deployment of Tier 3 NeoCloud AI data centers optimized for dense AI and high-performance computing workloads.
“This marks a defining moment in our journey,” Amar said. “With Supermicro's advanced B200 systems, we are now taking the steps to transition from infrastructure buildout to revenue generation. Our goal is to deliver Tier 3 AI-ready capacity equipped with the world's most powerful GPUs for the generative AI era.”
Supermicro’s energy-efficient server technology complements Digi Power X’s modular ARMS platform, which allows for scalable, flexible, and fast deployment. The initial deployment at the Alabama site aims for operational readiness within 120 days, with full test operations slated for late 2025. The company plans to scale this from 22 megawatts in 2026 to 55 megawatts by 2027, with further deployments at its upstate New York sites.
Digi Power X’s model is designed to deliver predictable cash flow, strong margins, and full equity retention for shareholders with a sub-three-year payback.
Leveraging Bitcoin mining
Alongside the modular buildout, Digi Power X is continuing to leverage Bitcoin mining as a strategic foundation. “We’re definitely not abandoning Bitcoin mining,” Amar said. “In fact, we’re leveraging it as a strategic stepping stone to scale our power infrastructure.”
The firm is also upgrading its mining operations to hydro cooling, boosting efficiency and reducing environmental impact, with first deployments expected imminently.
Meanwhile, Digi Power X’s power generation assets are already delivering strong returns. Amid recent East Coast heatwaves, the company was called on to supply electricity to the grid—at margins Amar described as “exceptional.”
“To break it down: we’re rebating gas at $2.55 per gigajoule. With a rate of 8.3, that works out to about $21 per megawatt-hour,” Amar explained. “Our all-in cost is around $31–32 per megawatt-hour. Meanwhile, the grid has been paying us up to $150 per megawatt-hour.”
In New York, aging infrastructure and a freeze on new fossil-fuel investments have created a supply gap Digi Power X is positioned to exploit. “There are only about 38 power plants in the state today, and many older plants are being retired without replacement,” Amar noted.
Keeping the momentum
As the AI boom accelerates, Digi Power X sees itself as part of a new class of infrastructure providers. “We’re not competing with the Big Seven—we’re actually complementing them,” Amar said. “We provide a flexible, dedicated AI infrastructure solution that supports their needs.”
For Amar and Digi Power X, the future comes down to execution and focus. “Execution is what will sustain the momentum. Staying focused on our mission—converting megawatts into higher-value infrastructure at 20 to 25 times the multiple—is what drives us.”
With long-term contracts in place and recent capital infusion, Digi Power X is gearing up to scale rapidly. “We’re not reinventing the business model—we’re refining and focusing our execution. That’s what will keep the momentum going.”