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Rise of the AI data centers 🤖
Bernstein is backing Bitcoin miners willing to pivot to high-performance computing
Stacy Elliott
July 10, 2024
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📝 What you need to know
Bitcoin miners have had no shortage of rough patches since the halving event in April. Now, Wall Street research firm Bernstein says the miners primed to survive are the ones willing to pivot into building AI data centers.
The firm’s new report projected that mining firms could eventually derive as much as one-third of their enterprise value from hosting hardware that powers AI. And Bernstein expects that by 2027, at least 20% of the power used by Bitcoin miners will be to keep those AI rigs running.
To that end, the firm has begun covering Iris Energy (IREN) and Core Scientific (CORZ)—two firms which have already started building out their AI businesses.
From Our Partner
Decentralized oracle provider API3 has announced the launch of the OEV Network, billed as “the first on-chain solution to recapture oracle extractable value (OEV) for lending protocols.”
Now live and fully integrated with the API3 Oracle Stack, the OEV Network is a layer 2 platform that aims to establish an efficient market for oracle updates.
“Instead of competing in blockspace auctions to get your transaction included first, searchers will compete for the right to perform oracle updates that allow for liquidations, with the proceeds of these auctions being programmatically returned to dapps,” said API3 Strategy Lead Ugur Mersinlioglu, adding that it could enable dapps to recapture “multi-million dollar opportunities.”
😂 Meme of the Day
Source: u/Siddy676
