Iris Energy buys new Nvidia GPUs for AI and mining

How does bitcoin mining work?
How does bitcoin mining work?

Mining company Iris Energy has invested $10 million in the latest generation of Nvidia GPUs to explore generative artificial intelligence and bitcoin mining.

In the coming months, the firm expects to receive 248 devices that it will deploy for cloud computing.

Iris Energy co-founder and CEO Daniel Roberts said the company is looking to leverage its data centers to meet generative AI needs.

“We believe the demand for sustainable computing is unlikely to disappear and we are uniquely positioned to drive continued growth across the broader industry. Whether it’s ASICs for bitcoin mining or GPUs for creating generative AI and more,” added Roberts.

According to a press release, Iris Energy is powered by 100% renewable energy. The total computing power of the company is 760 MW.

The firm has four data centers in the US and Canada.

Earlier, Iris Energy announced plans to increase its own bitcoin hashrate to 9.1 EH/s by early 2024.

In November 2022, two subsidiaries of Iris Energy received a default notice on a total debt of $103 million. It was about specialized subsidiaries registered to purchase equipment against its security.

Recall that in the second quarter of 2023, Nvidia recorded a record profit of $ 13.5 billion against the backdrop of “the start of a new computer era.” CEO Jensen Huang attributed the performance to a sharp shift to AI adoption.

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