🌎News Alert🌍

Bit Digital, a Bitcoin mining company, is changing things up by jumping into the world of artificial intelligence (AI) infrastructure. They're not putting all their eggs in the Bitcoin basket anymore; they're offering computing power to AI companies, which could bring in some serious cash.

Bit Digital is going to spend $35 million on fancy GPUs (those powerful computer chips) for their AI clients. They've got the money for it, so no worries there. This bold move is expected to bring in over $250 million in extra revenue over the next three years.

Here's the scoop: they're going to rent out anywhere from 1,024 to 4,096 GPUs to an undisclosed customer. That deal should start making them $23 million to $27 million each year, starting in January 2024. And here's the kicker: this AI and high-performance computing gig is going to be much more profitable than their Bitcoin mining and Ethereum staking.

This isn't just Bit Digital trying to be different for the sake of it. Many crypto miners are turning to AI and computing businesses because the cryptocurrency market has seen better days. This new venture is like an insurance policy for Bit Digital, protecting them from the unpredictable ups and downs of the Bitcoin world.

It's not just Bit Digital doing this; other companies like Hive Digital are also getting into the AI game because it's making them a lot more money compared to traditional mining. With Bitcoin's upcoming halving event, which will cut mining rewards in half, there's a lot of concern about the industry's future profitability. By having a steady income source that doesn't rely on Bitcoin's price, Bit Digital and others can tough it out even when times get tough and, who knows, even grow when everyone else is struggling.