Ionic Digital Explores AI, HPC Potential for Cedarvale Bitcoin Mine

Ionic Digital is exploring the potential to lease its 234-megawatt Cedarvale Bitcoin mining facility to clients in the AI and HPC sectors, joining a growing number of mining companies seeking to diversify their revenue streams.

In its March report, Ionic said it had engaged commercial real estate firm Cushman & Wakefield to manage the marketing process and noted “significant interest” from prospective lessees.

Located in Texas, Cedarvale is one of Ionic’s key infrastructure assets. Interim CEO Anthony McKiernan described the initiative as part of a broader strategy to “maximize value and position the company for future growth and profitability.”

While Bitcoin mining remains Ionic’s core business, the company has signaled a potential shift toward supporting alternative compute workloads—a move that mirrors broader industry trends amid continued pressure on Bitcoin’s hashprice. Following Bitcoin’s market price slump over the weekend, Bitcoin’s hashprice dropped below $40/PH/s before bouncing back slightly to $42/PH/s.

Several major mining peers including Riot, IREN and Galaxy Digital have recently announced similar strategies, pausing Bitcoin hashrate expansion to allocate power capacity for HPC opportunities.

Ionic also said it is also working with a consultant to submit a formal request to the Electric Reliability Council of Texas (ERCOT) to expand grid capacity at Cedarvale, a move that could benefit both mining and other compute-intensive operations.

In March, the company mined 154.57 BTC, implying a realized hashrate of 8.5 EH/s. It sold 200 BTC for approximately $17.1 million to cover capital and operational expenses. As of March 31, Ionic held 2,474.15 BTC.