Here's what happened in the world of mining this week:

• Tether moves heavily into AI cloud computing with a $427 million investment in GPUs ⚡️ 

• Core acquired ASICs for $77 million in stock and cash 💰️ 

• Iris Energy achieved record revenues in FY2023 of $75.5 million 👏 

Tether Expands Horizons: Ventures into AI with $427 million Nvidia Chip Purchase via Subsidiary Damoon ⚡️ 

• Tether is entering the field of artificial intelligence (AI) through its subsidiary, Damoon.

• Damoon, in which Northern Data Group holds a majority stake, has invested $427 million in Nvidia graphic processing units (GPUs) for generative AI cloud computing.

• These Nvidia chips will be utilized through Northern Data's cloud service called Taiga Cloud, with customer access expected to begin in the late fourth quarter.

• This move represents Tether's expansion beyond its primary stablecoin business. Recently, Tether has invested in Bitcoin (BTC) mining operations in South America and a payment processor in Georgia.

• Northern Data Group, a publicly listed data company, has transitioned from crypto mining into providing computing power for AI-related data processing, resulting in a 2.7% increase in shares.

• Paolo Ardoino, Tether's Chief Technology Officer, expressed excitement about the venture into new technological frontiers, emphasizing that this investment does not affect the backing reserves of Tether's stablecoins.

Record-Breaking Year: Iris Energy Reports $75.5M Revenue, 133% Surge in Bitcoin Mining 👏 

• Iris Energy achieved record revenue of $75.5 million in its 2023 financial year, marking a substantial 28% increase compared to the previous year despite a drop in bitcoin's average price.

• The company's Bitcoin mining operations surged, with a remarkable 133% increase in bitcoin production, resulting in a record 3,259 bitcoins mined.

• Iris Energy's robust operating hashrate played a pivotal role in its mining success, reaching an impressive 5.6 EH/s.

• The company expanded its power capacity significantly, boasting an industry-leading 760MW, positioning itself for potential further hashrate expansion to 30 EH/s.

• In addition to Bitcoin mining, Iris Energy is actively pursuing a next-gen compute and generative AI strategy, providing an additional avenue for potential growth.

• CEO Dan Roberts characterized the year as transformational, highlighting the growth in hashrate, increased power capacity, and the potential for expansion in both mining and AI-related strategies.

Core Scientific to Acquire 27,000 Bitmain Servers for $77M, Aims to Boost Bitcoin Mining Capacity 📈 

• Bitcoin miner Core Scientific is set to acquire 27,000 ASICs from Bitmain.

• The deal involves a payment of $23.1 million in cash and $53.9 million in common stock to Bitmain.

• This acquisition was part of Core Scientific's bankruptcy plan and aimed to boost its mining capabilities.

• The servers are expected to increase Core Scientific's hash rate by 4.1 EH/s.

• Core Scientific filed for bankruptcy in December due to falling revenue and rising energy costs.

• The company aims to emerge from bankruptcy this month, pending approval from the overseeing federal judge.

• Bitmain CEO Max Hua expressed enthusiasm for the collaboration, emphasizing Core Scientific's importance in strengthening the Bitcoin network.