Bitcoin miners pivot to AI centers, Luxor Technology secures $16 million
Bitcoin mining companies are switching things up by moving into the world of artificial intelligence. Instead of just mining crypto, they're turning their facilities into data centers and even creating a marketplace to trade computing power.
Luxor Technology is also moving into this space, raising $16 million to boost its AI hardware brokerage and computing-power trading business, thanks to investors like CMT Digital, Canaan, and MicroBT.
Luxor Technology starts computing power futures
Luxor is rolling out contracts that lock in future prices for computing power (a move borrowed from bitcoin mining) and has launched a price index for NVIDIA AI systems to make things more transparent.
They're teaming up with miners who have sufficient electricity and fiber connections for AI workloads but would require new data centers.
Meanwhile, NIP Group is ramping up its own mining capacity by about 48%, showing just how quickly the industry is pivoting toward new opportunities in AI.