Iris Energy buys latest Nvidia GPUs to explore generative AI & bolster Bitcoin mining

The sustainable Bitcoin mining firm Iris Energy has invested $10 million in the latest Nvidia H100 GPUs. The company has purchased 248 pieces of equipment as it wants to navigate generative AI while focusing on its core business – BTC mining.

$IREN today announced the purchase of @NVIDIA’s latest-generation #AI H100 GPUs

– Next-gen data centers to now target generative #AI
– Initial purchase of 248 @NVIDIA H100 GPUs for ~US$10m
– Core business remains #BTC mining; generative #AI represents additional opportunity

— IREN (@IREN_Ltd) August 29, 2023

Iris Energy revealed that it will receive the GPUs soon and plans to explore cloud mining opportunities with the hardware. The company’s co-CEO and co-founder, Daniel Robert, stated that they will use their data centers to interact with generative AI, considering shortages in rack space & computing.

Roberts believes sustainable computing will see increased demand, and Iris Energy can capture current growth in GPUs for generative artificial intelligence and ASICs for BTC mining.

“.. we are uniquely positioned to capture ongoing growth in the broader industry..”

Iris Energy focuses on areas with renewable energy sources such as hydro, solar, and wind. Moreover, it has positioned its data centers near low-cost renewable power sources for Bitcoin monetization. That leads to increased returns while caring for the environment.

Mining profitability as a catalyst for price surge

Bitcoin has displayed negative price actions as the broad crypto market endures a prolonged winter. Further, invezz.com has reported why the bellwether cryptocurrency might struggle with bearishness (in the near term).

Nevertheless, analysts believe BTC will skyrocket to $100K by 2024, citing factors such as enhanced mining profitability, stabilized risk assets, and the ongoing banking turmoil.

Crypto winter thawing? Standard Chartered predicts #Bitcoin could hit $100,000 by 2024, thanks to banking turmoil, stabilized risk assets, and improved mining profitability. Will BTC continue its wild ride? 🚀💰

— Q.E.D (@QEDreal) April 24, 2023

Miners are crucial in determining the reserve of newly minted Bitcoin. Meanwhile, improved profitability reduces selling by these players, translating to declined supply – an ingredient for price upticks. Standard Chartered’s Geoffrey Kendrick stressed that attractive mining profitability will drive BTC higher.