Nasdaq-listed energy company, Iris Energy, has made a significant investment in the world of generative AI. The company has purchased 248 top-of-the-line Nvidia H100 GPUs for a total of $10 million. This move comes as Iris Energy seeks to diversify its business beyond its core focus on Bitcoin mining.
Expanding into Generative AI
The 248 GPUs are expected to be delivered to Iris Energy in the coming months. The company plans to deploy this advanced hardware in its data centers to explore opportunities in cloud computing and generative AI. Iris Energy co-founder and co-CEO, Daniel Roberts, highlighted the company's unique position to capture growth in the broader industry, whether it be through Bitcoin mining or generative AI.
A Sustainable Approach
Iris Energy operates in regions with an abundance of renewable energy sources such as wind, solar, and hydro power. The company strategically locates its modular data centers in close proximity to these energy sources, allowing it to take advantage of low-cost excess renewable energy to power its Bitcoin mining operations.
Genesis Digital Assets and Blockstream Lead the Way
Investment in renewable-powered Bitcoin mining continues to grow. Genesis Digital Assets Limited recently announced the opening of a new data center in Sweden that will operate off abundant power from the nearby Porjus Hydroelectric Power Station. Similarly, Blockstream has expressed its intention to raise up to $50 million to purchase and sell BTC mining hardware ahead of Bitcoin's next halving event in 2024.
Nvidia's Success in AI
Nvidia, the leading GPU hardware manufacturer, has experienced a major surge in growth thanks to the rise of AI-powered tools and computing. In fact, the company's market capitalization surpassed $1 trillion in May 2023. Nvidia has also recently teased its next-generation GH200 Grace Hopper Superchip, which has the capability to handle complex generative AI workloads.
