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Iris Energy purchases $10M worth of Nvidia GPUs for AI and Bitcoin mining.

Iris Energy, a company listed on Nasdaq, has recently made a significant purchase of 248 advanced Nvidia H100 GPUs for $10 million.

This investment reflects Iris Energy’s intention to expand its operations beyond Bitcoin mining and explore opportunities in generative AI.

The company anticipates receiving the delivery of these GPUs in the upcoming months and intends to deploy the hardware to cater to the growing demands of cloud computing.

Daniel Roberts, the co-founder and co-CEO of Iris Energy,

stated that the company aims to leverage its existing data centers to fulfill the computational needs of generative AI applications.

“We believe demand for sustainable computing is unlikely to go away, and feel we are uniquely positioned to capture ongoing growth in the broader industry; whether that be ASICs for Bitcoin mining, or GPUs for generative AI and beyond.”

Iris Energy strategically operates its modular data centers in regions abundant with renewable energy sources such as

wind, solar, and hydro power.

By situating their data centers near these sources, the company can leverage the surplus low-cost renewable energy and monetize it for Bitcoin mining.

Iris Energy, as stated on their website, operates four prominent data center mining facilities located in Canal Flats, Mackenzie, and Prince George in British Columbia, Canada,

as well as their Childress site in Texas.

The trend of renewable-powered Bitcoin mining operations continues to attract investments.

In August 2023, Genesis Digital Assets Limited unveiled a new data center in Sweden,

powered by the abundant energy from the nearby Porjus Hydroelectric Power Station.

Blockstream, on the other hand, recently expressed its intention to raise up to $50 million through an official investment note.

The funds will be utilized to acquire, store, and subsequently sell BTC mining hardware ahead of Bitcoin’s upcoming halving event in 2024.

Nvidia, a prominent GPU hardware manufacturer,

has experienced substantial growth due to the increasing demand for AI-powered tools and AI computing.

In May 2023, Nvidia’s total market capitalization exceeded $1 trillion.

Furthermore, Nvidia has recently provided a glimpse of its next-generation GH200 Grace Hopper Superchip,

which basically showcases its capability to handle complex generative AI workloads,

including large language models, recommender systems, and vector databases.

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