The Nasdaq-listed bitcoin mining business Iris Energy has announced a cloud services agreement with the artificial intelligence (AI) startup Poolside AI. Iris just acquired 248 Nvidia H100 graphics processing units (GPUs) for $10 million in August 2023, prompting the collaboration with Poolside.

Iris Energy partners with Bitcoin AI.

On Thursday, Iris Energy, which trades on the Nasdaq under the ticker IREN, announced the start of a cloud service arrangement with the AI firm PoolsideAI. Jason Warner, a former CTO of Github, and Eiso Kant, a successful businessman, founded Poolside to create a platform similar to Chatgpt for writing software code.

The two parties have reached an agreement to begin this cloud service collaboration for three months, with the option to extend. Iris said on Thursday that its cloud service would begin on February 5, 2024, following the complete completion of Poolside’s demanding testing criteria for Iris’ cloud technology infrastructure.

Previously, in August, Iris reported the acquisition of 248 Nvidia H100 GPUs for $10 million.

Iris is not the only Bitcoin (BTC) mining company expanding into AI corporate services. Tether and Northern Data are also investing in Nvidia GPUs for similar endeavours, while Hive Digital of Canada has entered the AI space as well.

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“We are thrilled to work with a company of Poolside’s calibre. “We look forward to expanding our GPU cloud services business and meeting the growing market demand for these services,” Roberts said in a statement.

On Thursday, IREN’s stock jumped 13%, although it has fallen 25% versus the US dollar in the last 30 days. Further examination reveals that IREN’s shares have fallen by more than 41% year to date.

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