Bitzero has secured $25 million in funding to expand its business operations, as the Bitcoin miner and data center operator continues its strategic shift toward high-margin, high-performance computing (HPC) while emphasizing environmental sustainability.
The funds will be used to acquire 2,900 Bitmain S21 Pro miners, with deployment scheduled over the next four to six months. This expansion is projected to generate an additional $10 million in revenue.
Based in Vancouver, Canada, Bitzero operates data centers across North America and Europe. The company counts investor and Shark Tank personality Kevin O’Leary among its backers.
Bitzero began pursuing zero-carbon mining initiatives as early as 2022, launching its efforts in Norway through a partnership with a local government. Since then, the company has steadily expanded its footprint in the HPC space.
Bitzero isn’t alone in this transition. Earlier this week, Bitfarms announced plans to enter the HPC and data center markets, leveraging its Pennsylvania energy portfolio as a strategic asset. As part of the move, the company rebranded itself to reflect a broader focus on AI and HPC alongside its core Bitcoin (BTC) mining operations.
Hive Digital Technologies was among the early adopters of the shift toward HPC and AI data centers, initiating its pivot in 2022. The company began reporting HPC-related revenue on its income statement the following year.
Hive’s HPC segment currently operates at an annual run rate of $20 million, with projections aiming for $100 million by 2026.
Related: VC Roundup: DeFi, AI, hybrid exchanges showcase resilient month for crypto
Bitcoin miners respond to market pressures
Profitability in Bitcoin mining has come under increasing pressure with each successive halving. While break-even points vary by operation, Fidelity Digital Assets notes that a miner’s success often hinges on its ability to endure periods of being underwater while waiting for Bitcoin’s price to recover.
A combination of shrinking block rewards, rising electricity costs and growing maintenance demands has pushed several miners to diversify into other energy-intensive workloads.
The rapid growth in AI demand has provided an ideal opportunity, enabling these companies to repurpose or upgrade their infrastructure — particularly GPUs — to support AI training and high-performance computing.
In addition to diversifying into new workloads, several miners have adopted a “Hodl” strategy — holding onto their mined Bitcoin in anticipation of future price appreciation.
That approach has paid off in 2024 and 2025, as Bitcoin has repeatedly broken all-time highs, most recently surpassing $123,000.
Magazine: Bitcoin’s invisible tug-of-war between suits and cypherpunks