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Hut 8, a cryptocurrency mining and blockchain infrastructure company, has announced that its GPU-as-a-service division will officially start generating revenue. This follows the full deployment of its inaugural GPU cluster for an AI cloud developer.
Hut 8 Capitalize on the Increased Demand for AI
The high-performance computing cluster is now fully operational at a tier-three data center in Chicago. It includes multiple powerful Hewlett Packard Enterprise (HPE) Cray supercomputers with 1,000 NVIDIA GPUs. Notably, Hut 8 worked with HPE and AdvizeX to design, set up, and launch this cluster. Moreover, the GPU cluster is operated under Highrise AI, Inc., a subsidiary of Hut 8.
This move further solidifies the company’s strategic focus on diversifying its revenue streams and capitalizing on the increasing demand for AI computing power. Meanwhile, the AI cloud developer, whose identity remains undisclosed, has entered a five-year agreement with Hut 8. The contract includes fixed infrastructure payments and ensuring a steady income stream for the company.
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Furthermore, the contract includes a revenue-sharing component, allowing Hut 8 to benefit from the cloud developer’s potential growth. With its advanced infrastructure and strategic partnerships, Hut 8 is positioning itself as a key player in the AI sector.
Hut 8 Expands its Operations
Recall that the North American digital asset mining giant constructed a new 63-megawatt mining facility in Texas. Interestingly, this marked the firm’s fifth mining location in the United States. Also, the move signaled the company’s commitment to fortifying its presence in the digital asset mining landscape.
The new facility became operational and online for miners in the second quarter of 2024. According to the press release, Hut 8 will mine Bitcoin at a remarkable 30% lower cost than its existing sites in Texas and Nebraska. The cost-efficiency strategy is expected to enhance the company’s competitive edge in the dynamic crypto-mining sector.
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Tether Set to Release New Software to Improve Bitcoin Mining
In August 2022, Paolo Ardoino, the Chief Technology Officer (CTO) of Bitfinex and Tether, announced that Tether’s developers are finalizing the new Javascript libraries intended to facilitate the transmission of commands and signals to Bitcoin mining hardware
Some of the hardware confirmed to be compatible with the software are WhatsMiner, AvalonMiner, and AntMiner. Tether believed that proper management of the BTC mining capacity would lead to the efficient completion of more operations. According to Ardoino, the design of the new software is ”high-quality, polished, and modular.”
