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Iris Energy Acquires 248 Nvidia GPUs, Eyes Generative AI and Bitcoin mining

In its recent update, Iris Energy has confirmed investing $10M in acquiring the current Nvidia GPUs series. The newly acquired devices signal the Nasdaq-listed company is scaling generative artificial intelligence (AI) while also pursuing Bitcoin mining.

The statement shows that Iris Energy spent $10 million to purchase 248 latest versions of Nvidia H100 GPUs. The transaction indicates that the company targets tapping into the emerging opportunities in AI while expanding its core business in Bitcoin mining

Is Iris Energy Pursuing Generative AI Besides Bitcoin Mining?

Iris Energy anticipates the delivery of the Nvidia GPUs in the subsequent months, though noncommittal on the specific date. The firm added that it intends to deploy the new devices towards expanding and modernizing its cloud computing.


Irish Energy co-founder Daniel Roberts lauded the purchase as necessary to enable the company to leverage existing data centers as it eyes computing opportunities in generative AI. The firm’s chief executive added that Iris Energy positions itself toward addressing the demand for sustainable computing. 

Roberts feels uniquely positioned to realize growth within the broader computing segment. He considers it to have infinite potential to deploy ASICs in Bitcoin mining. Alternatively, Iris Energy’s unique positioning makes it possible to utilize GPUs for generative AI operations.

Iris Energy Proximity to Renewable Energy Strategic to Lower Power Cost

The statement indicates that Iris Energy operates within regions with abundant renewable energy. The proximity of its modular data centers near hydro, solar, and wind energy facilities targets minimizing the cost of powering the devices when monetized for Bitcoin.

Iris Energy outlines four primary data centers also hosting the mining facilities. Besides the Canal Flats, Iris Energy has a Childress site within Texas while running the Mackenzie and Prince George in British Columbia.

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Iris Energy serves in a segment that is recently attracting increased investment following the emphasis on tapping renewable-powered facilities to mine Bitcoins. Such is evident in Genesis Digital Assets Limited unveiling its Sweden-based data center this month. The facility will run using power supplied by the Porjus Hydroelectric Power.

Blocksteam disclosed in its recent update intentions to raise $50 million from an official investment note. The proceeds target acquiring, storing, and reselling the BTC mining hardware. The move aims to profit from Bitcoin’s forthcoming halving event next year.

Nvidia Unveiling GH200 Superchips to Handle Complex Workload

The high demand for computing hardware translated to a massive windfall for Nvidia as the orders for its GPUs skyrocketed. The GPU hardware manufacturer attributed the record revenue growth to the rising usage of AI-powered tools. Also, the limitless opportunities in AI computing fed into the revenue that saw its market capitalization eclipse $1 trillion from May 2023.

The release of the second quarter report revealed that Nvidia earned $13.51bn for the period. It realized 101% revenue growth from the previous year’s second quarter, powered by the demand for AI-powered computing applications.

Besides being the Iris Energy supplier, Nvidia is the source of chips powering several computing powerhouses. The rising demand saw chip sales under the data center division emerge as the biggest business, with a 171% revenue growth to net $10.3 Billion in the second quarter.

Nvidia indicated that the subsequent generation of the GH200 Grace Hopper Superchip. The upcoming series has the superior capability to execute complex generative AI workloads. As such, it can manage workloads involving recommender systems, vectors, and large language model databases.

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Mining Segment Wave of Devices Acquisition

The move by Iris Energy to acquire Nvidia GPUs mirrors the Cleanspark April 2023 initiative to acquire 45,000 Antminer S19 XP devices. The bitcoin mining firm spent a fortune to purchase the devices from ASIC manufacturer – Bitmain.

The purchase decision by Cleanspark identified a duo delivery schedule starting with 25000 ASICs in August and the balance of 20000 in September. Also, the acquisition by Cleanspark came two months after the mid-February acquisition of discounted 20000 rigs. 

The acquisition portrays readiness in Cleanspark and Iris Energy to optimize on the upcoming Bitcoin halving.

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Stephen Causby

Stephen Causby is an experienced crypto journalist who writes for Tokenhell. He is passionate for coverage in crypto news, blockchain, DeFi, and NFT.

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