Bitcoin mining firm Hut8 continues to relocate miners from idle North Bay site as demand for AI and high power computing drives new demand.
News
North American mining firm Hut8 is seeing new demand for AI and high performance computing as it looks to re-energize some 6,400 rigs being moved from its inoperative North Bay site in Ontario.
As previously reported, Hut8 is in an ongoing legal battle with its third party energy supplier Validus Power over alleged failure to meet contractual obligations. Operations at the facility have been suspended since Nov. 2022.
Hut8 declined to comment on proceedings of the court case in correspondence with Cointelegraph but confirmed that some 6,400 miners are being moved to Texas as the company looks to bring its idle equipment back online.
The firm expects this specific batch of miners to be operational by the end of July 2023, providing 600 PH/s of operational capacity which will take Hut8’s total installed hashrate up to 3.2 EH/s.
A three month hosting agreement for the 6,400 miners from North Bay has been agreed and Hut8 plans to renew the arrangement on a month to month basis. Hut8 previously moved 988 miners from North Bay to its Medicine Hat facility in Alberta, Canada in March 2023.
Related: Riot Platforms to add 33,000 Bitcoin miners ahead of 2024 halving
Hut8 CEO Jaime Leverton also touched on the current climate for the cryptocurrency mining ecosystem in lieu of tough market conditions that have prevailed for some 18 months:
“The industry has rebounded well over the past few months and we have seen more momentum than originally anticipated, partly due to some of our peers following our lead in the HPC and AI computing spaces.”
Artificial intelligence and high performance computing continue to grab attention and attract investment. The likes of Palo Alto-based Inflection AI raised $1.8 billion led by Microsoft and Nvidia, with part of the investment earmarked for the construction of a 22,000 strong Nvidia H100 Tensor GPU cluster.
Hut8 has also begun deploying its infrastructure to power services and solutions outside of its Bitcoin mining-focused operations.
Leverton highlighted a new five-year agreement to provide computer infrastructure and hosting services to British Columbia’s Interior Health authority as well as a case study carried out with 3D generative AI firm XYZ AI.
Magazine: Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?
