The Web3 + AI Daily #30
Amid a bleeding crypto market, BTC miners switching to AI are among the very few winners.
Hello, everyone, and welcome to all newly-joined subscribers!
This is The Web3 + AI Daily, your definitive guide to the world of Decentralized AI (DeAI/dAI)! After this disastrous weekend marked by the largest single wipeout in history ($19B đ¤), triggered by Trumpâs China tariffs, today everyone is talking about crypto miners switching to AI.
Bitfarms, Cipher Mining, and Bitdeer (NASDAQ: BTDR) were one of the few companies to post double-digit gains on Monday, fueled by AIâs surging demand for computing power. But this aspect of the Crypto x AI convergence seems to be more multi-faceted than expected.
Thank you for being here! Letâs dive in.
Whatâs Hot in Web3 + AI?
QumulusAI Secures $500M Credit Facility in USDai
QumulusAI, a company providing GPU-powered cloud infrastructure for AI, has secured a $500M credit facility to expand its fleet of GPUs. The funding, arranged by Permian Labs and distributed via $USDai, is blockchain-backed and non-recourse, meaning QumulusAI can borrow stablecoins against up to 70% of its approved GPU deployments.
USDai earns yield by providing liquidity to emerging AI companies who have real collateral, but arenât the size of OpenAI or have access to Blackstone.
The tokenization framework developed by Permian Labs allows QumulusAI to access capital more quickly than traditional credit methods, by using warehouse receipt tokens (GWRTs) as collateral on-chain. This facility is crucial as demand for AI compute power skyrockets, but smaller operators like QumulusAI face challenges in securing capital, especially with tech giants like Google, Meta, and OpenAI dominating the GPU market.
The deal comes as AI demand continues to surge, and QumulusAIâs CEO, Mike Maniscalco, highlighted how leveraging blockchain financing allows the company to scale faster and more flexibly.
Galaxy Digital Raises $460M to Convert BTC Miner Into AI Data Center
Galaxy Digital has secured a significant $460M investment to convert its former Bitcoin mining Helios campus in Texas into a large-scale AI data center. This move is part of Galaxyâs broader strategy to grow its business in both digital assets and data centers, according to CEO Mike Novogratz.
This funding follows Galaxyâs $1.4B loan secured earlier in August to support Heliosâ expansion. As part of a 15-year contract with CoreWeave, a crypto miner-turned AI cloud infrastructure provider, Galaxy will supply compute power for AI and high-performance computing (HPC) workloads starting in 2026, with projections of over $1B in annual revenue from the partnership. When fully built, Helios will become one of North Americaâs largest AI infrastructure projects, with a 3.5-gigawatt capacity.
Canaan Inc. Powers BTC Mining & AI Computation with Flared Gas
Canaan Inc. saw its shares surge 40% after unveiling a new pilot project in Calgary, Alberta, that uses flared natural gas to generate electricity for high-density computing operations. The initiative repurposes stranded gas to power both Bitcoin mining and AI workloads, and is expected to reduce 12,000 to 14,000 metric tons of COâ-equivalent emissions annually.
Web3 + AI Readings & Conversations
A Closer Look Into Virtualsâ Unicorn
In its latest dAI-focused Mindshare edition, Bankless covered Virtuals Protocol and its new launchpad Unicorn.
After months of experimenting with its launchpad Genesis, Virtuals has rolled out Unicorn â a new mechanism that replaces presale pledging with immediate market access, seeking to address what the team views as Genesisâs core flaw: it became a farming game rather than a conviction engine.
Overall, Unicorn aims to solve the farming problem by offering direct market participation, aligning fundraising with project growth, and rewarding long-term community engagement. If successful, it could reshape how projects are launched and scaled in the crypto ecosystem. Learn more here.
Web3 + AI Events
Agentic AI Against Aging Hackathon
I came across an interesting initiative for the developers and coders among you interested in longevity. The Agentic AI Against Aging hackathon, sponsored by Nebius, VitaDAO, Retro Biosciences, AthenaBIO, Immortal Dragons, Open Longevity, Bio Protocol and more, has started. Check the details below. You have until October 25th to join.
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Disclaimer: The content of this newsletter is provided for informational and educational purposes only. Nothing contained herein should be construed as financial advice or as a recommendation to buy, sell, or hold any of the companies or assets mentioned.
Please donât take my views at face value. Instead, do your own research (DYOR), think critically, and share your perspective so we can challenge ideas, learn from one another, and arrive at better conclusions through thoughtful discussion.