Nasdaq-listed company Iris Energy has purchased 248 state-of-the-art Nvidia H100 GPUs for $10 million, as the company hopes to explore opportunities in the field of generative artificial intelligence in addition to focusing on bitcoin mining.
The company expects to receive deliveries of 248 GPUs in the coming months and plans to deploy the hardware to serve opportunities in the cloud computing space.
Iris Energy co-founder and co-CEO Daniel Roberts said the company is looking to leverage existing data centers for generative AI computing needs.
“We believe the need for sustainable computing is unlikely to disappear and believe we are uniquely positioned to capture the continued growth of the broader industry; GPU.”
Iris Energy operates in regions rich in renewable energy such as wind, solar, hydro, etc., and has built modular data centers near low-cost excess renewable energy sources to monetize it into Bitcoin.
According to the Iris Energy website, the company has four main data center mining facilities, including Canal Flats, Mackenzie, and Prince George in British Columbia, Canada, and the Childress site in Texas.
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Bitcoin mining operations powered by renewable energy continue to attract investment, with Genesis Digital Assets Limited opening a new data center in Sweden in August 2023, which will run on sufficient power from the nearby Porjus hydroelectric power station.
Meanwhile, Blockstream recently announced its intention to raise up to $50 million in an official investment note to buy, store and sell BTC mining hardware ahead of Bitcoin’s next halving event in 2024.
GPU hardware maker Nvidia is also reaping huge gains from the rise of AI-powered tools and AI computing, with its total market cap topping $1 trillion in May 2023.
Nvidia also recently previewed its next-generation GH200 Grace Hopper superchip, which it says is capable of handling complex generative AI workloads, including large language models, recommendation systems, and vector databases.
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