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 <p class="is-style-lead">Bit Digital is extending its crypto mining operations into the AI sector, signing a pivotal GPU rental contract and investing $35 million in high-performance computing hardware.</p>
 <p>New York-based digital asset and cloud computing firm Bit Digital is diversifying its portfolio by launching a new business vertical called Bit Digital AI. This move marks a concerted effort by the company to diversify its traditional crypto mining operations.</p>
 <p>To kickstart its AI venture, Bit Digital inked a binding term sheet with a well-capitalized customer in the AI sector. As per the agreement, the company will provide rental services of between 1,024 and 4,096 GPUs to support the customer’s GPU-accelerated workloads.&nbsp;</p>
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    <p lang="en" dir="ltr">BREAKING NEWS:$BTBT is thrilled to announce the launch of our new <a rel="noopener noreferrer nofollow" title="business" href="https://thebittimes.com/tag/business.html">business</a> line, Bit Digital AI! Bit Digital AI will provide specialized infrastructure services to support generative AI workstreams. <br><br>"We believe this new venture is a good complement to our core #Bitcoin… pic.twitter.com/e04AXY06DP</p>— Bit Digital, Inc. NASDAQ:BTBT (@BitDigital_BTBT) October 23, 2023
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 <p>Bit Digital also aims to generate between $23 to $27 million in annual revenue with the minimum GPU commitment. If the contract scales to its maximum potential of 4,096 GPUs, a three-year contract term could generate more than $250 million in revenue.</p>
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 <p>Bit Digital CEO Sam Tabar emphasized the strategic importance of diversifying into AI. According to Tabar, this shift is geared towards providing “a non-correlated income stream” that would buffer Bit Digital against market volatility in its core <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> and ETH staking <a rel="noopener noreferrer nofollow" title="business" href="https://thebittimes.com/tag/business.html">business</a>es.</p>
 <p>The entry into the AI market reflects the company’s aim to develop alternative, durable revenue streams, a move Tabar believes can transform the company into “a true through-cycle enterprise.”</p>
 <p>The renewed AI focus signals the company’s ambition to adapt and thrive in a rapidly evolving digital landscape. Whether this diversification proves successful remains to be seen, but it undoubtedly marks a pivotal moment for a company rooted in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a>.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bit-digital-diversifies-crypto-mining-business-with-major-ai-expansion-tbt67475.html">https://thebittimes.com/bit-digital-diversifies-crypto-mining-business-with-major-ai-expansion-tbt67475.html</a></p>

Bit Digital diversifies crypto mining business with major AI expansion

TheBitTimes

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