According to ChainCatcher news, as reported by Cryptoslate citing a VanEck report, Bitcoin mining companies are accelerating their transition to artificial intelligence (AI) and high-performance computing (HPC) businesses due to unstable transaction fee income.The report points out that while network congestion may lead to short-term fee increases, the rise of off-chain solutions such as exchange-traded funds (ETFs), futures markets, layer two networks, and centralized exchanges creates uncertainty for long-term on-chain revenue growth.It is reported that several mining companies, including Cipher Mining, Iris Energy, Riot Platforms, and HIVE Digital Technologies, have begun to lay out related businesses.VanEck expects that Bitcoin mining companies will allocate 20-30% of their power capacity for AI and HPC businesses in the future to diversify their revenue sources.

ChainCatcher news, Bitcoin mining company Riot Platforms announced the appointment of three new directors aimed at exploring potential opportunities in the fields of artificial intelligence (AI) and high-performance computing (HPC). The new directors include former Oxford Properties President Michael Turner, former Hut 8 Mining CEO Jaime Leverton, and data center development expert Doug Mouton, who has worked at Microsoft and Meta.Riot plans to utilize its Corsicana facility in Texas for AI workloads and has hired investment banks Evercore and Northland Capital Markets to assist with the transformation. This move aligns with industry trends, as Bitcoin mining companies are seeking to develop new revenue streams, such as hosting AI servers, in the context of rising energy costs and decreasing mining rewards. According to previous reports, Riot's competitor Core Scientific has been building AI infrastructure since 2019.

ChainCatcher news, the crypto mining company IREN (formerly Iris Energy) is facing a class action lawsuit from investors, accusing it of misleading investors regarding its high-performance computing business.On October 7, a class action lawsuit led by Paul Williams-Israel was filed in federal court in New York, claiming that IREN's facility in Childress, Texas was falsely advertised as a data center suitable for high-performance computing (HPC) and exaggerated its computing capabilities. The lawsuit also pointed out that there was significant misinformation in the expansion plans and HPC strategy released by IREN in a statement in June 2023.IREN's co-founders and co-CEOs Daniel Roberts and William Roberts, as well as the company's CFO Belinda Nucifora, are all named as defendants.

ChainCatcher news, according to The Block, Macquarie, the Australian multinational investment bank, has given "outperform" ratings to several Bitcoin mining companies including MARA, Riot Platforms, Core Scientific, CleanSpark, and Cipher Mining. Analysts believe these companies are shifting focus from cryptocurrency to artificial intelligence (AI) and high-performance computing (HPC) models.Macquarie analysts Paul Golding and Emma Liang noted that in recent years, Bitcoin mining businesses have become increasingly diversified, a trend that has accelerated following Bitcoin's fourth halving in April this year. Some mining companies view their unique power resource advantages as opportunities to diversify into non-crypto-related hosting businesses, while others focus on accumulating Bitcoin assets.

ChainCatcher news, AI metaverse startup Futureverse announced a partnership with Alibaba Cloud to bring high-performance computing technology to its AI music platform JEN.It is reported that this collaboration combines Futureverse's expertise in AI music solutions with Alibaba Cloud's secure and scalable cloud computing capabilities to further develop and establish high-performance AI infrastructure and security standards. JEN is the first version of Futureverse's general high-fidelity model for text-to-music generation.According to the crypto data platform RootData, in July 2023, Futureverse completed a $54 million Series A funding round, led by 10T Holdings, with participation from Ripple Labs and others.

ChainCatcher news, Bitcoin mining company Iris Energy stated that as interest in artificial intelligence continues to rise, it is reviving its strategy around hosting high-performance computing, planning to increase its data center capacity from the current 5.6 EH/s to 9.1 EH/s by early 2024.In addition, Iris Energy has procured long-lead items to expand the construction of another 100 megawatt (MW) facility, which, if filled with mining rigs, will achieve a mining speed of 13.6 EH/s. (source link)