Iris Energy Acquires $10 Million Worth of Nvidia GPUs for Generative AI and Bitcoin Mining

Nasdaq-listed Iris Energy recently made a significant investment by purchasing 248 cutting-edge Nvidia H100 GPUs for $10 million. This move by the company signifies an expansion beyond its core focus on Bitcoin mining as it seeks to explore opportunities in generative artificial intelligence (AI).

In the coming months, Iris Energy expects delivery of the 248 GPUs, which will be deployed to tap into the potential of cloud computing. By leveraging its existing data centers, the company plans to meet the growing demand for generative AI computing.

Daniel Roberts, co-founder and co-CEO of Iris Energy, expressed the company’s belief in the continuous demand for sustainable computing. He stated, “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 in regions abundant with renewable energy sources such as wind, solar, and hydro. It has established its modular data centers in close proximity to these sources of low-cost excess renewable energy, enabling monetization for Bitcoin mining.

The company currently operates four major data center mining facilities. These include Canal Flats, Mackenzie, and Prince George in British Columbia, Canada, as well as the Childress site in Texas.

The allure of renewable-powered Bitcoin mining operations continues to attract investment. Genesis Digital Assets Limited, for instance, announced the opening of a new data center in Sweden in August 2023. This facility will operate utilizing abundant power from the nearby Porjus Hydroelectric Power Station.

In a bid to prepare for Bitcoin’s next halving event in 2024, Blockstream recently expressed its intention to raise up to $50 million. This funding will be used to acquire, store, and subsequently sell BTC mining hardware.

Nvidia, a prominent GPU hardware manufacturer, has been reaping significant benefits from the rise of AI-powered tools and computing. In May 2023, the company’s total market capitalization exceeded $1 trillion. It has also introduced its next-generation GH200 Grace Hopper Superchip, capable of processing complex generative AI workloads.

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