The mining company will invest some of the resources in expanding its Bitcoin mining operations.
This announcement joins others from Bitcoin mining companies entering the AI business.
Northern Data, Europe’s largest Bitcoin mining company, received a loan from Tether, the issuing company of the USDT stablecoin, to expand its operations. One of the highlights of the company’s upcoming projects is the acquisition of next-generation graphics cards or GPUs to serve generative artificial intelligence (AI) applications.
According to a release, The company Northern Data received a loan of 575 million euros from Tether. with a payment deadline until 2030. The company’s goal is to invest in its three business areas: Taiga Cloud, Ardent Data Centers and Peak Mining.
“The focus of these investments will be on the acquisition of additional advanced hardware that will enable Northern Data Group’s Taiga Cloud business to further expand its offering as a generative AI cloud services provider in Europe,” the statement said. The market for applications using generative AI and machine learning is one of the fastest growing in the world. after applications like ChatGPT broke out late last year.
The funding will also be used to expand Bitcoin mining operations using liquid cooling technology, the company reported. Liquid cooling is a method that allows ASIC (application-specific integrated circuits) devices to operate more efficiently by managing heat, reducing maintenance, and extending the life of miners’ electronic components.
This is not the only Bitcoin mining company that has turned to the artificial intelligence business. Hive Digital, a major Bitcoin mining company, uses GPUs previously dedicated to Ethereum mining to offer cloud services for AI applications, as Frank Holmes, Executive President of the company, commented in an interview with CriptoNoticias.
Another company investing millions of dollars (USD) in this industry is Bit Digital, which recently acquired state-of-the-art equipment for its servers.
Tether has also ventured into this business with the launch of Moria, a software for managing Bitcoin mining devices with AI.