The Australian Bitcoin mining company Iris Energy has secured 248 state-of-the-art mining machinery from Nvidia. The newly obtained graphic processing units labeled Nvidia H100 GPUs will support the Iris team in exploring viable opportunities in the generative artificial intelligence (AI) sector.
Additionally, the Iris team stated that the GPU will support the company in maximizing the Bitcoin mining output. In the report, the Iris team confirmed that the new machinery was acquired at $10 million.
Iris Energy Acquired New GPUs
Under the purchase agreement, the Bitcoin miner and the Nvidia group have arranged to dispatch the 248 GPUs. The report illustrated that the first shipment of the GPU will be dispatched in the coming months.
Immediately after receiving the GPUs, the Iris team plans to deploy the hardware to support the cloud computing activities. A statement from the co-founder of Iris Energy, Daniel Roberts, revealed that the Bitcoin miner has been seeking to expand its offering to AI computing.
The executive confessed that Iris has been seeking to utilize its current data centers in AI cloud computing. In the latter, the executive mentioned that the demand for sustainable computing services will continue to rise.
The purchase of the new GPUs aimed at meeting the growing demand for computing AI services. Also, the acqusation of the GPUs positions the Bitcoin miner in a considerable position to blossom.
Roberts stated that Iris seeks to serve the needs of the Bitcoin mining and AI sector. Iris Energy has been seeking to cement its position in the Bitcoin mining industry for years.
Preparation for Bitcoin Halving
The efforts to gain dominance inspired the Bitcoin miners to establish facilities in the region with a sufficient supply of renewable energy, such as wind and solar. Also, the Bitcoin miner has established data centers near the source of renewable energy.
The Bitcoin miner currently has four fully functional mining facilities in Canal Flats, Mackenzie, and Prince George in Canada. Recently, Iris Energy established a data center in Childress, Texas.
The Iris team plans to optimize Bitcoin mining through renewable energy. The spiking electricity cost has challenged Bitcoin miners to shift to renewable sources.
At the beginning of August, Genesis Digital launched a new data center in Sweden. The sufficient energy supply in Sweden encouraged the Genesis team to open a hydro-powered data center.
The new data center was located near the Porjus Hydroelectric power station, which supplies over 997 megawatts. Elsewhere, Blockstream had announced plans to conduct fundraising for $50 million that will be used to acquire Bitcoin mining machinery.
The Blockstream announcement revealed that the blockchain company plans to expand its offering in preparation for the upcoming Bitcoin halving. Interestingly, crypto firms have invested heavily in acquiring AI computing tools in readiness for the next Bitcoin halving.
A recent statistic demonstrated that in May, the demand for Nvidia GPUs increased by 180%, which propelled the company’s market capitalization to reach $1 trillion.
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