reply on: Galaxy raises $460 million in push to transform Texas BTC site into AI data hub \ stacker news ~AI

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92 sats \ 6 replies \ @optimism 12 Oct \ on: Galaxy raises $460 million in push to transform Texas BTC site into AI data hub AI

I heard this from an ASIC developer post miner conference in 2023 over drinks. They were apparently making 2x profit on renting out their generic GPU farms vs what they made on block rewards, back then.

133 sats \ 3 replies \ @south_korea_ln 12 Oct

Are there still many coins that are GPU-mined?

0 sats \ 2 replies \ @optimism 13 Oct

No idea tbh. The way it stuck with me was that they meant from a per-kWh perspective versus their own sha256 ASICs.

100 sats \ 1 reply \ @south_korea_ln 13 Oct

Ah, not hardware per se.

Just based on the return from spent electricity.

33 sats \ 0 replies \ @optimism 13 Oct

I think that's what they meant, simply because to my memory they mentioned something about setting it up as an experiment because of AI - to see if it would be profitable.

100 sats \ 1 reply \ @0xbitcoiner OP 12 Oct

This whole thing about converting Bitcoin farms into AI data centers isn't new to me either. And honestly, it brings up some real questions about the future of mining. Maybe it's nothing, I hope this doesn't become a big trend. But this move by Galaxy must be a strategic play, since they're just chasing the money (AI 'bubble').

33 sats \ 0 replies \ @optimism 12 Oct

AI is currently demand driven due to shortage, whereas Bitcoin mining is mostly supply driven. If all these corporate mining farms are going to sell their ASICs, it means buying oppty though, so all it does is short-term fluctuation.