Bit Digital Signs $250 Million AI Deal, Turns to AI Amid Crypto Winter
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Bit Digital signed a deal with an AI firm that could generate over $250 million in revenue over 3 years.
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The miner will buy $35 million in GPUs to serve the AI client. It has enough capital to fund the purchase.
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The new AI unit is expected to generate enough cash for Bit Digital's mining and staking regardless of crypto market conditions.
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Crypto miners are increasingly turning to AI/HPC businesses amid the crypto winter battering profits. These have same infrastructure needs as mining.
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Bit Digital says the AI business will have much higher margins than mining, helping diversify revenue. It aims to weather potential mining downturns.