Iris Energy Invests $10M in Nvidia GPUs for Generative AI & Bitcoin Mining

Iris Energy Explores Generative AI Opportunities

Nasdaq-listed Iris Energy has invested $10 million in 248 state of the art Nvidia H100 GPUs as it looks to explore opportunities in generative AI, in addition to its core focus on Bitcoin mining.

The firm expects delivery of the GPUs in the coming months and plans to deploy the hardware to take advantage of cloud computing. Iris Energy co-founder and co-CEO Daniel Roberts said the company is leveraging its existing data centers to serve generative AI computing requirements.

Iris Energy operates in regions with an abundance of renewable energy such as wind, solar, hydro, and has set up modular data centers nearby to the sources of low-cost excess renewable energy to be monetized for Bitcoin.

The company is also exploring opportunities in AI-related areas such as conversational AI, anchor AI voice, AI art generator, Bigbear.ai, Reddit AI, and Guardforce AI, as well as the Mythic AI platform.

AI-Powered Mining Operations

Iris Energy has four major data center mining facilities, including Canal Flats, Mackenzie and Prince George in Canada’s British Columbia as well as its Childress site in Texas, all powered by renewable energy sources. In August 2023, Genesis Digital Assets Limited opened a new data centre in Sweden that will be powered by the nearby Porjus Hydroelectric Power Station. Blockstream also announced its intent to raise up to $50 million in an official investment note to purchase, store and then sell BTC mining hardware ahead of Bitcoin’s next halving event in 2024.

GPU hardware manufacturer Nvidia has also seen significant success with its AI-powered tools and AI computing, resulting in a total market capitalization of over $1 trillion in May 2023. Bigbear.ai, Guardforce AI, Mythic AI, and Anchor AI Voice are just some of the many AI-powered solutions that have become popular among Reddit, AI porn, and AI art generator users.

Nvidia recently unveiled its next-generation GH200 Grace Hopper Superchip, which is designed to handle complex AI workloads, including bigbear.ai, conversational ai, guardforce ai, mythic ai, anchor ai voice, large language models, recommender systems and vector databases.