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Olenox, a Nasdaq-listed energy services and technology company, has announced a possible merger with CS Digital Ventures as part of a strategy to scale off-grid bitcoin mining and pursue related artificial intelligence (AI) data center opportunities.
The deal would value CS Digital Ventures at $55 million and is expected to be completed in several tranches, according to the announcement.
CS Digital’s CEO Bernardo Schucman described the transaction as targeting what he called “the third era of Bitcoin mining.”
Schucman said 2026 may mark the start of a new phase in which off-grid data centers are developed closer to energy generation. Under certain conditions, he said it could be possible to generate and use power at costs approaching $0.02 per kWh.
He added that such low power costs would be achievable in environments where energy is curtailed and in locations without transmission infrastructure to move electricity to the grid.
Under the proposed merger, the combined entity would anticipate integrating Olenox’s energy tools to lead off-grid Bitcoin mining beginning in 2026.
The announcement comes as similar initiatives gain traction in Brazil. Itau Unibanco, one of the country’s largest banks, recently invested in Minter, which designs and operates mobile bitcoin mining solutions located at energy generation sites.
Schucman said the Olenox-CS Digital combination would have an advantage by integrating the energy generation component, combining Olenox’s energy platform with CS Digital’s mining and AI capabilities.
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