September 21, 2023 8:01 am

Iris Energy acquires $10M worth of Nvidia GPUs for AI & Bitcoin mining.

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Iris Energy, a company listed on Nasdaq, has recently made a significant purchase of 248 state-of-the-art Nvidia H100 GPUs for $10 million. While the company’s primary focus has been on Bitcoin mining, it is now looking to explore opportunities in generative AI as well. The goal is to leverage its existing data centers to serve the growing demand for generative AI computing.

The purchased GPUs are expected to be delivered to Iris Energy in the coming months. The company plans to deploy this hardware in its data centers to serve opportunities in cloud computing. Daniel Roberts, the co-founder and co-CEO of Iris Energy, expressed confidence in the demand for sustainable computing and the company’s ability to capture ongoing growth in the industry. He mentioned that whether it be ASICs for Bitcoin mining or GPUs for generative AI, Iris Energy is well-positioned to meet these needs.

One of the key strengths of Iris Energy is its operations in regions with abundant renewable energy sources such as wind, solar, and hydro power. The company strategically sets up its modular data centers near these energy sources to tap into low-cost excess renewable energy, which can be monetized for Bitcoin mining. Currently, Iris Energy operates four major data center mining facilities in Canal Flats, Mackenzie, and Prince George in Canada’s British Columbia, as well as its Childress site in Texas.

Renewable-powered Bitcoin mining operations are continuing to attract investment. Genesis Digital Assets Limited, for example, recently opened a new data center in Sweden that will be powered by the nearby Porjus Hydroelectric Power Station. Additionally, Blockstream, a prominent player in the Bitcoin industry, plans to raise up to $50 million to purchase, store, and sell BTC mining hardware ahead of Bitcoin’s next halving event in 2024.

Nvidia, the GPU hardware manufacturer, has also experienced substantial growth due to the rise of AI-powered tools and computing. In May 2023, the company’s total market capitalization surpassed $1 trillion. Nvidia remains at the forefront of AI innovation and recently teased its next-generation GH200 Grace Hopper Superchip. This new chip is expected to excel in processing complex generative AI workloads, including large language models, recommender systems, and vector databases.

In conclusion, Iris Energy’s acquisition of 248 Nvidia H100 GPUs for $10 million signifies the company’s expansion into generative AI computing while maintaining its focus on Bitcoin mining. With its strategic positioning near abundant sources of renewable energy, Iris Energy can capitalize on the growing demand for sustainable computing. This move aligns with the broader trend in the industry, with renewable-powered Bitcoin mining operations attracting significant investment. Additionally, GPU manufacturer Nvidia continues to benefit from the rise of AI-powered tools and computing, solidifying its position as a market leader.

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Original Source: Iris Energy acquires $10M worth of Nvidia GPUs for AI & Bitcoin mining.

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