{"id":25694,"date":"2023-06-21T19:55:55","date_gmt":"2023-06-21T23:55:55","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bitcoin-miner-iris-energy-turns-to-high-performance-computing-amid-rising-ai-demand\/"},"modified":"2023-06-21T19:55:57","modified_gmt":"2023-06-21T23:55:57","slug":"bitcoin-miner-iris-energy-turns-to-high-performance-computing-amid-rising-ai-demand","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25694","title":{"rendered":"Bitcoin Miner Iris Energy Turns to High-Performance Computing Amid Rising AI Demand"},"content":{"rendered":"
\n

The Nasdaq-listed Bitcoin mining firm Iris Energy has announced its expansion plans to cater to the rising demand of data centers for AI.\u00a0<\/p>\n

The mining firm will expand to 9.1 EH\/s (exahashes per second) and revitalize its high-performance computing (\u201cHPC\u201d) data center strategy, as per a press release<\/u>.\u00a0<\/p>\n

An exahash (EH\/s) is a measure of the computational power that Bitcoin mining networks possess, indicating how quickly they can perform calculations required to secure transactions.<\/p>\n

These changes are expected to expand the company\u2019s potential operating capacity by over 63% (from 5.6 EH\/s to 9.1 EH\/s1).\u00a0<\/p>\n

Iris Energy aims to complete the shift to high-performance computing by early 2024.\u00a0<\/p>\n

The announcement comes amid the heightened interest in Artificial Intelligence (AI).\u00a0<\/p>\n

The Bitcoin mining company said in its press release that they have been exploring the strategy to expand for four years.\u00a0<\/p>\n

In March 2020, the company signed a strategic memorandum of understanding with Dell Technologies to test and develop potential data center solutions for energy-intensive applications, including leveraging Dell Technologies\u2019 HPC and artificial intelligence expertise.\u00a0<\/p>\n

Tirias research has predicted<\/u> that the demand for data center space for AI could grow to $76 billion by 2028.\u00a0<\/p>\n

Iris Energy Shares Jump After Announcement<\/h2>\n

After Iris Energy announced its expansion plans for its data centers on Tuesday, the company\u2019s shares jumped nearly 21% on the day from $3.55 to $4.14.\u00a0<\/p>\n

The share prices are up a further 2.5% in the pre-market at the press time. Bitcoin miners Hut 8 and Hive have also announced pivots to AI, and they also witnessed a sharp surge in their stock prices.\u00a0<\/p>\n

Hut 8 Mining Corp.\u2019s new high-performance computing division generated $4.5 million of monthly recurring revenue in Q1 2023<\/u>, contributing more than 20% of the crypto miner\u2019s first-quarter sales.\u00a0
\u00a0<\/p>\n

Crypto Miners Are Pivoting To AI Cloud Services\u00a0<\/h2>\n

Iris Energy isn\u2019t the first one to announce an expansion to serve AI Cloud services. When Ethereum shifted from Proof of Work<\/u> to Proof of Stake<\/u>, most Ethereum miners made similar changes.<\/p>\n

As Proof of Stake does not require large amounts of computing power and data centers, Ethereum miners started looking for other options, including AI applications and cloud computing.\u00a0<\/p>\n

Canadian crypto miner Hive Blockchain (HIVE) announced its plans to launch ‘HIVE Performance Cloud’ later this year. The crypto miner also revealed <\/u>that it is currently running a pilot project at a Tier 3 data center for cloud computing utilizing Nvidia GPUs.\u00a0<\/p>\n

Nvidia<\/u> also became a trillion-dollar company this year after it revealed high-end graphics cards for AI and virtual reality.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Nasdaq-listed Bitcoin mining firm Iris Energy has announced its expansion plans to cater to the rising demand of data centers for AI.\u00a0 The mining firm will expand to 9.1 EH\/s (exahashes per second) and revitalize its high-performance computing (\u201cHPC\u201d) data center strategy, as per a press release.\u00a0 An exahash (EH\/s) is a measure of […]<\/p>\n","protected":false},"author":1,"featured_media":25695,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-25694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nBitcoin Miner Iris Energy Turns to High-Performance Computing Amid Rising AI Demand | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The Nasdaq-listed Bitcoin mining firm Iris Energy has announced its expansion plans to cater to the rising demand of 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