- They are embracing popular new technologies
- This will diversify their revenue streams
The leading mining companies have begun massively launching data centers for AI and high computing.
Iris Energy was among the first to announce such plans.. They will divert up to 9.1 EH/s of capacity to high performance computing (“HPC”). The company plans to complete the transition by early 2024.
Before, Iris Energy focused primarily on revenue generated from bitcoin mining. But in the period from February to May, they recorded a drop in operations with cryptocurrency by 34%. New areas of business will help the brand diversify its revenue sources.
Another mining company, Hut 8, is venturing into the big data space. Now, in addition to mining cryptocurrencies, they will introduce a new service. Hut 8 will give co-location from its Kelowna data center for use by Health Canada.
“We are investing in our high performance computing business as well as our customers, and are proud to expand our services in the healthcare sector,” Hut 8 CEO Josh Rayner commented on the news.
Canadian miner Hive Blockchain is expanding data centers in Vancouver. He expects a 10-fold growth in the high-performance computing sector over the next year. The company says the surge is driven by strong demand for chips for AI projects like ChatGPT, medical research, machine learning and rendering.
The company says the surge is due to high demand for chips for AI projects like ChatGPT, medical research, machine learning and rendering.