Iris Energy buys Nvidia GPUs for AI and mining for $10 million

The mining company Iris Energy инвестировала $10 million in Nvidia’s latest-generation graphics processors to study generative artificial intelligence and bitcoin mining.

In the coming months, the firm expects to receive 248 devices, which it will deploy for cloud computing.

Co-founder and chief executive Daniel Roberts said the company aims to use its data centres to meet the needs of generative AI.

“We believe that demand for sustainable computing is unlikely to disappear, and we have unique opportunities to sustain growth across the broader sector. Whether it’s ASICs for Bitcoin mining or GPUs for creating generative AI and beyond,” added Roberts.

According to the press release, Iris Energy operates on 100% renewable energy. The company’s total computing capacity stands at 760 MW.

The firm operates four data centres in the US and Canada.

Earlier Iris Energy announced plans to increase its own Bitcoin hash rate to 9.1 EH/s by early 2024.

In November 2022, two subsidiary structures Iris Energy received default notices on a total debt of $103 million. The proceedings concerned special-purpose subsidiaries established to buy equipment secured against it.

As reported, Nvidia posted a record profit of $13.5 billion in the second quarter of 2023 amid the start of a new computing era. CEO Jensen Huang attributed the results to the rapid shift toward AI adoption.