Hut 8, a leading Bitcoin miner in North America, has announced the launch of its GPU-as-a-Service (GPUaaS) offering. This service is designed to rent out GPU computing power to clients, primarily for high-performance tasks such as artificial intelligence processing. The service became fully operational with the deployment of its first GPU system for an AI cloud developer, marking a significant step in Hut 8's strategic expansion beyond traditional cryptocurrency mining.
To support this venture, Hut 8 has partnered with Hewlett Packard Enterprise and AdvizeX to develop a new computing cluster through its subsidiary, Highrise AI. This five-year partnership includes fixed infrastructure payments and a revenue-sharing agreement with the unnamed AI cloud developer, showcasing Hut 8's commitment to expanding its technology services.
The Hut 8 GPUaaS cluster is hosted at a tier-three data center in Chicago and consists of multiple HPE Cray supercomputers powered by 1,000 NVIDIA H100 GPUs. This infrastructure is designed to handle intensive computing tasks, such as machine learning and scientific simulations.
As stated by Hut 8's CEO, Asher Genoot, "The launch of our GPU-as-a-service vertical further diversifies our compute layer, which now spans AI compute, Bitcoin mining, and traditional cloud services." This initiative is expected to drive topline growth, enhance revenue diversification, and create long-term value.
Hut 8 is focused on scaling its computing operations across energy-intensive technologies to maximize returns from its power assets and digital infrastructure. Recently, the company announced an expansion of its partnership with Bitmain Technologies for a next-generation ASIC miner, further solidifying its position in the market.
In June, Hut 8 entered into a significant agreement with a Coatue Management-operated fund to invest $150 million through a convertible note. This investment aims to leverage Hut 8's capacity to develop complex energy infrastructure, positioning the company as a leader in the AI infrastructure space.
