Cryptocurrency mining and AI development both require high-end computer chips, and with a global shortage of these chips, many are wondering if crypto miners are pivoting to AI. While most bitcoin-only miners are not, larger shops are exploring their options. Applied Digital and Iris Energy, two Texas-based mining companies, have recently announced deals to host AI cloud computing in their data centers. Hut 8, which until recently had been exclusively a cryptocurrency mining company, began its pivot early in 2022, investing in five data centers and two cloud regions that could be devoted to HPC. Mintgreen, a Canadian company, is in the early stages of exploring an expansion into AI.
Mining profits correlate with bitcoin prices. So adding other services — like hosting AI computing — lessens the reliance on bitcoin, says Josh Rayner, VP of High Performance Computing at Hut 8.
We need to have multiple revenue streams, says Rayner, so that we’re the most efficient miner and can stay nimble and strategic if margins compress.