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Bitcoin Miner Iris Energy Turns to High-Performance Computing Amid Rising AI Demand

Iris Energy, a Bitcoin mining company, is expanding its green energy-powered Bitcoin mining operation to 9.1 exahashes per second (EH/s) by early 2024.

The company is reviving its strategy around hosting high-performance computing alongside bitcoin miners,

as interest in artificial intelligence (AI) continues to boom.

Iris Energy aims to complete the shift to high-performance computing by early 2024.

In short

  • The company has been exploring the strategy to expand for four years.
  • Several miners, including Applied Digital Corporation, Crusoe Energy, and Hut 8 Mining, have recently branched out into other types of compute.
  • Demand for data center space for AI is estimated to grow to $76 billion by 2028, with large language models such as OpenAI’s ChatGPT becoming increasingly popular.
  • Iris Energy plans to increase its data center capacity from its current 5.6 EH/s to 9.1 EH/s by early 2024.
  • The company has procured items with long lead times to expand to build out another 100 megawatt (MW) facility, which would bring its mining hashrate to ….

Given recent developments, “the time may be right to expand into this sector” using either Iris Energy’s existing sites or the ones under construction, the company said.

how will Iris Energy’s data centers for AI benefit the company’s Bitcoin mining operations

Iris Energy’s data centers for AI will benefit the company’s Bitcoin mining operations in several ways, including:

  • Increased revenue: By expanding into the AI sector, Iris Energy can diversify its revenue streams and reduce its reliance on Bitcoin mining alone.
  • This can help the company weather any fluctuations in the cryptocurrency market and ensure a more stable income stream.
  • Efficient use of resources: The company’s strategy of hosting high-performance computing alongside Bitcoin miners can help it make more efficient use of its data center resources.
  • By sharing infrastructure between the two operations, Iris Energy can reduce its overall energy consumption and operating costs.
  • Improved sustainability: Iris Energy is a sustainable Bitcoin miner that owns and operates real assets, including data center infrastructure, powered by renewable energy.
  • By expanding its data center capacity to support AI applications, the company can further promote the use of green energy in the tech industry and contribute to a more sustainable future.
  • Competitive advantage: As interest in AI continues to boom, Iris Energy’s expansion into the sector can give it a competitive advantage over other Bitcoin mining companies that have not yet diversified their operations.
  • This can help the company attract more investors and customers and position itself as a leader in the industry.

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