Bitcoin mining firm Hut 8 will receive $150 million through convertible notes from Coatue Management to build an AI infrastructure platform. The investment addresses the rising demand for AI computing capacity, which traditional data centres struggle to meet due to power shortages and lengthy lead times for upgrades.
Convertible notes, a popular financing tool, demonstrate investor confidence in Hut 8’s strategic direction and future growth. This move comes as the AI industry experiences rapid growth, driven by advancements in machine learning and data analytics.
Other Bitcoin miners, like Bitfarms, are also diversifying into AI data centres to stay profitable amidst declining Bitcoin fees and revenues.
