{"id":15501,"date":"2024-07-24T15:58:04","date_gmt":"2024-07-24T12:58:04","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-miner-iren-ventures-into-ai-computing-with-pilot-project\/"},"modified":"2024-07-24T15:58:04","modified_gmt":"2024-07-24T12:58:04","slug":"bitcoin-miner-iren-ventures-into-ai-computing-with-pilot-project","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-miner-iren-ventures-into-ai-computing-with-pilot-project\/","title":{"rendered":"Bitcoin Miner IREN Ventures into AI Computing with Pilot Project"},"content":{"rendered":"<p>The mining company IREN, formerly known as Iris Energy, is set to launch a pilot project focused on high-performance computing using <span data-descr=\"graphics processing unit\" class=\"old_tooltip\">GPU<\/span> technology for the AI sector, according to the firm&#8217;s presentation.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24IREN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$IREN<\/a> is pleased to share the presentation that will be delivered at its Analyst &#038; Investor Day at <a href=\"https:\/\/twitter.com\/Nasdaq?ref_src=twsrc%5Etfw\">@Nasdaq<\/a> in New York on Tuesday July 23, 2024.<\/p>\n<p>\u2014 IREN (@IREN_Ltd) <a href=\"https:\/\/twitter.com\/IREN_Ltd\/status\/1815697559157199142?ref_src=twsrc%5Etfw\">July 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The initiative will be implemented at the flagship facility in Childress, Texas, as stated in the announcement.<\/p>\n<p>Days earlier, IREN announced that Morgan Stanley would act as a financial advisor to explore monetization opportunities for data center services in the AI segment. Back in August 2023, the mining firm invested $10 million in Nvidia graphics processors to explore business expansion into the <span data-descr=\"high-performance computing\" class=\"old_tooltip\">HPC<\/span> sector.<\/p>\n<p>On July 11, Culper Research <a href=\"https:\/\/img1.wsimg.com\/blobby\/go\/cc91fda7-4669-4d1b-81ce-a0b8d77f25ab\/downloads\/Culper_IREN_7-11-24.pdf?ver=1720711055685\">disclosed<\/a> a short position in IREN shares, citing that the miner&#8217;s facilities could not meet the requirements for such operations.<\/p>\n<p>The firm&#8217;s specialists noted in the report that IREN spent less than $1 million per 1 MW of capacity when constructing the Childress facility.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cMeanwhile, leading operators, analysts, and experts confirm that the actual cost of developing a data center ready for HPC is ~$10\u201320 million per MW,\u201d they stated.<\/p>\n<\/blockquote>\n<p>Following the presentation, Matthew Sigel, head of digital asset research at VanEck, emphasized that Culper Research&#8217;s claims regarding the lack of \u201cpower redundancy, liquid cooling, and backup fiber\u201d were refuted.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> Miners AI Pivot (continued)<a href=\"https:\/\/twitter.com\/search?q=%24IREN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$IREN<\/a> announces GPU pilot at their Childress site in TX, directly refuting the Culper short report which claimed the site is not suitable to AI\/HPC due to Lack of Power Redundancy, Liquid Cooling and Backup Fiber. <a href=\"https:\/\/t.co\/poS63wuGlS\">pic.twitter.com\/poS63wuGlS<\/a><\/p>\n<p>\u2014 matthew sigel, recovering CFA (@matthew_sigel) <a href=\"https:\/\/twitter.com\/matthew_sigel\/status\/1815719783993671987?ref_src=twsrc%5Etfw\">July 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In April, CoinShares experts, in light of the recent halving, suggested that cryptocurrency miners would <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-miners-eye-ai-and-diversification-post-halving\">compensate for reduced income<\/a> by expanding into the AI sector.<\/p>\n<p>One of the largest deals in this direction was a hosting agreement between Core Scientific and CoreWeave to provide infrastructure with a capacity of 200 MW for housing Nvidia graphics processors. The mining company plans to earn up to $3.5 billion over the 12-year contract term.<\/p>\n<p>Hut 8 has entered into an agreement with a fund managed by Coatue Management, which will invest $150 million in the firm to develop HPC infrastructure. Bitdeer is utilizing <a href=\"https:\/\/forklog.com\/en\/news\/tether-invests-100-million-in-bitdeer\">$100 million<\/a> raised from Tether for these purposes.<\/p>\n<p>Crusoe Energy System, specializing in bitcoin mining using flare gas energy, announced a \u201cmulti-billion\u201d deal with Lancium to build a data center with a capacity of 1.2 GW for AI computing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mining company IREN, formerly known as Iris Energy, is set to launch a pilot project focused on high-performance computing using GPU technology for the AI sector, according to the firm&#8217;s presentation. $IREN is pleased to share the presentation that will be delivered at its Analyst &#038; Investor Day at @Nasdaq in New York on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15500,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[438,1137,1639],"class_list":["post-15501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-artificial-intelligence","tag-cryptocurrency-mining","tag-iris-energy"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=15501"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15501\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/15500"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=15501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=15501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=15501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}