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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    How ‘MapleStory N’ Is Fighting Back Against Thousands of Hackers

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    Animoca Brands partners with Cross the Ages to support the launch of blockchain game

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    Civitas Migrates to Immutable zkEVM to Power Low-Cost, Scalable Web3 Gaming & Web3 Network Growth

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    Crypto Casinos Made Over $80 Billion in 2024

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    A16z-backed Spekter Games founder shares Telegram gaming ethos

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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    A Step-by-Step Guide for Beginners

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    Long and Short Positions in Crypto Explained for Beginners

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    What Is Fully Diluted Valuation (FDV) in Crypto?

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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    Matt Furie NFTs Crater 97% After Mint Exploit

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    FC Barcelona unveils Barca Pass crypto wallet, NFT avatars

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    Polyhedra Network launches Proof Cloud in open beta

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    SoonVerse Partners with Arris to Enhance User Experience

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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BTC miner Hut 8 pivots to AI as BTC profits dry up

October 4, 2024
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BTC miner Hut 8 pivots to AI as BTC profits dry up
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As BTC block reward mining profits dry up, miners are pivoting to artificial intelligence (AI) to ride the wave back to profitability. The latest is Hut 8 (NASDAQ: HUT), one of the largest United States miners, now offering AI clients GPU-as-a-Service.

READ ALSO

From Subsidies to Shutdowns: Norway Moves to Restrict Bitcoin Mining

Norway eyes crypto mining ban amid local firms’ heavy investments in Bitcoin

Hut 8 recently announced the launch of the service, revealing that the inaugural GPU cluster is now online and generating revenue. Hosted in Chicago and operated by Hut 8 subsidiary Highrise AI, the cluster comprises 1,000 Nvidia (NASDAQ: NVDA) H100 GPUs powering multiple Hewlett Packard Enterprise Cray supercomputers.

“Consistent with our commitment to disciplined capital allocation, we believe a thoughtfully structured AI compute business will be accretive both financially and strategically and drive topline growth, revenue diversification, and long-term value creation,” commented CEO Asher Genoot.

The new service marks the Miami-based miner’s pivot to AI, following other major players chasing profits as BTC mining becomes increasingly competitive. Since emerging from bankruptcy proceedings, Core Scientific has shifted to AI, while Jihan Wu’s Bitdeer has partnered with Nvidia to offer AI data center services.

The shift is centered on graphic processing units (GPUs); while they were once a hot commodity for ASIC miners, the biggest demand in the past few years has been from AI data centers. This demand has been so high that some companies are paying in advance for chips to be produced several months into the future. One study estimates that the global market for GPUs will surge from $38 billion in 2022 to $201 billion in 2032.

See also  Bitcoin’s 1.9M move: Why BTC is the 'hot pick' for whales right now!

To capitalize on this demand, block reward miners are turning to AI clients. According to Reuters, 20% of the current BTC mining capacity will shift to AI by 2027 as the cost of mining continues to rise.

For some, like CoreWeave, this switch has paid great dividends. CoreWeave started as a BTC miner, but as the AI hype kicked in, it pivoted to data centers and cloud computing, using its powerful GPUs to power large language models for global clients. In May this year, the company raised $1.1 billion at a $19 billion valuation, and this week, Cisco announced it would invest in CoreWeave at a $23 billion valuation.

In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.

Watch: CoinGeek Weekly Livestream w/ Kurt Wuckert Jr. – Untangling Bitcoin Mining

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Tags: BTCDryHutminerPivotsprofits

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