Crypto.news - Iris Energy invests $10 million in 248 Nvidia (NASDAQ:NVDA) H100 GPUs to expand into generative AI alongside its existing focus on Bitcoin (BTC) mining.
The company expects the 248 GPUs to be delivered in the coming months and aims to utilize them in cloud computing opportunities.
Daniel Roberts, co-founder and co-CEO of Iris Energy, stated that the company aims to use its existing data centers to meet the burgeoning demand for generative AI computing.
“We believe demand for sustainable computing is unlikely to go away, and feel 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.”Daniel Roberts, co-founder and co-CEO of Iris Energy
Iris Energy operates in areas abundant in renewable energy resources like wind, solar, and hydro. The company has strategically located its modular data centers close to these inexpensive, surplus renewable energy sources, which it uses for Bitcoin mining.
The firm has also expressed its commitment to contributing to skill development and job creation in the communities where it operates and enhancing local revenue through tax contributions.
According to information on Iris Energy’s website, the company has four significant data center mining facilities. These are located in Canal Flats, Mackenzie, and Prince George in Canada’s British Columbia, as well as in Childress, Texas.
The acquisition comes as renewable energy-powered Bitcoin mining operations continue to attract investment. For instance, Genesis Digital Assets Limited recently opened a new data center in Sweden, which will run on abundant power from the nearby Porjus Hydroelectric Power Station.
Meanwhile, Nvidia, the manufacturer of the GPUs purchased by Iris Energy, has also benefited from the surge in demand for AI-powered tools, reaching a market capitalization of over $1 trillion in May 2023.
However, it’s worth noting that Iris Energy has faced financial challenges. As crypto.news reported earlier, the company defaulted on a $108 million loan repayment in November 2022 but ended the year with $39 million in cash and no debt.
Despite these setbacks, the firm appears undeterred in pursuing ambitious projects, including the recent acquisition of Nvidia GPUs.