Iris Energy Invests $10 Million in Nvidia GPUs for Generative AI Expansion

Iris Energy invests $10 million in 248 Nvidia H100 GPUs to expand on generative AI beyond its current focus on Bitcoin mining (BTC).

The company expects to deliver 248 GPUs in The coming months and aims to take advantage of them in Cloud computing opportunities.

Daniel Roberts, Co-Founder and Co-CEO of And Iris Energy stated that the company aims to use Current data centers to meet the booming demand for Generative AI Computing.

“Believe demand for Sustainable computing is unlikely to disappear, and we feel uniquely positioned to do so capture processing growth in wider industry; Be it 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 The regions are plentiful in Renewable energy resources like Wind, solar and hydro. The company has strategically located its modular data centers near the inexpensive and redundant renewable energy sources that it uses for Bitcoin mining.

The company has also She is committed to contributing to skill development And the job creation in The communities in which you operate and boost local revenues through tax contributions.

according to information on Iris Energy website, the company owns four important data center mining facilities. fall these in Canal Flats, Mackenzie, and Prince George in British Columbia in Canada, as well in Childress, Texas.

The acquisition comes as renewable energy-powered bitcoin mining operations continue attract investment. For example, Genesis Digital Assets Limited recently opened a site new Data Center in Sweden that will run on abundant power From the nearby Porjus Hydroelectric Power Station.

Meanwhile, Nvidia, the manufacturer of GPUs purchased by Iris Energy contain also benefited from the boom in demand for Powered by artificial intelligence toolsto reach a market Capitalization of over $1 trillion in May 2023.

However, it is worth Noting that Iris Energy has faced financial challenges. as encryption.news I reported earlier, the company faltered on Repayment of a loan of $108 million in November 2022 but it’s over year with $39 million in cash no debt.

Despite these setbacks, the company appears undeterred in Pursue ambitious projects, including a recent acquisition of Nvidia GPUs.