Bitcoin mining company Bit Digital ventures into the field of artificial intelligence to diversify its revenue sources

ChainCatcher news, Bitcoin mining company Bit Digital stated in a statement on Monday that the newly established department will purchase and lease computers to artificial intelligence companies that require high-performance computing (HPC), deploying the machines in third-party data centers. The statement indicated that Bit Digital has signed a binding term sheet to provide cloud-based GPU resources to customers, with an initial contract term of one to three years. This contract could generate over $250 million in additional revenue over three years.

Bit Digital stated that it will purchase $35 million worth of GPUs to serve AI clients and has sufficient internal capital to fund this purchase. Regardless of market fluctuations, the company expects the new department to generate enough cash for Bit Digital to sustain its current Bitcoin mining and Ethereum staking operations.