Some large-scale crypto miners are looking for new ways to make money as demand for GPU-powered mining operations has significantly decreased over the last year. Some are hoping to turn that processing power elsewhere: to help train AI.
According to Bloomberg, some crypto mining companies have pivoted their business towards high-performance computing (HPC) services for customers working with AI. And they're doing pretty well with it: Hut 8 Mining, for instance, told Bloomberg that its HPC business had generated approximately $16.9 million from its AI clients. Hive BlockChain bought $66 million worth of GPUs from Nvidia for its HPC endeavors and is projected to make about $98 million in revenue by the end of 2024.
