Bit Digital signed a deal with an AI firm that could generate more than $250 million in additional revenue over three years.
Bitcoin miner Bit Digital is expanding into the artificial intelligence infrastructure business to diversify its revenue stream away from bitcoin The New York-based firm already has a client for the service:"Bit Digital has entered into a binding term sheet to provide cloud-based GPU resources to a customer with an initial contract duration spanning one to three years," according to the statement.
Bit Digital will finance the purchase with a mix of cash, digital assets on the balance sheet, new equity issuance and potentially equipment financing. The firm has already paid a deposit and has enough money on its balance sheet to fund the rest without raising additional capital, the miner told CoinDesk in an emailed statement. It will look for external funding if more GPUs are required.