The past week saw relatively low crypto funding activity, primarily due to the July Fourth holiday in the U.S.

Despite the holiday lull, several notable funding activities showcased the ever-growing interest in the potential of web3 innovations.

Sentient, $85 million

Sentient, an artificial intelligence (AI) research organization, collected an impressive $85 million in seed funding. 

Bitcoin mining company Bitdeer is integrating high-performance computing and AI technologies while prioritizing transparency and vertical integration to revolutionize the mining industry.

With U.S. presidential candidate Donald Trump’s ambitious plans to mine all future Bitcoin in the U.S., Bitcoin mining has become a pivotal element in his bid for the presidency. Talks of crypto and Bitcoin mining are dominating political campaigns and procedures.

The marriage of Bitcoin mining with cutting-edge technologies like Artificial Intelligence (AI) and high-performance computing (HPC) is reshaping the industry. Publicly traded miners are exploring these technologies to diversify revenue streams and ensure sustainable growth.

Bitdeer, a Singapore-headquartered Bitcoin mining company, has emerged as a standout in this competitive field. According to a recent Cantor report, Bitdeer is poised to become one of the largest miners globally, with plans to add 1,079MW of power to its data centers — enough to power nearly 900,000 homes or one large nuclear power plant. This expansion underscores Bitdeer’s ambition to become one of the biggest data centers in the world.

In an interview with crypto.news, Jeff LaBerge, Head of Capital Market & Strategic Initiatives at Bitdeer, gave insights into the company’s innovative practices and strategic initiatives.

Managing conflicts of interest

LaBerge emphasized the importance of transparency when asked about potential conflicts of interest, especially with AI companies buying more and more mining companies. 

AI companies purchasing Bitcoin mining equipment can lead to transparency flaws, as using these AI technologies in mining operations obscures ownership, use cases and control structures, complicating financials and potentially facilitating illicit activities.

“We believe that keeping our contracts and terms specific and transparent allows us to manage potential conflicts of interest,” LaBerge said. “Each of our hosting customers has a detailed contract that explicitly states the amount of electricity they are contracted to draw and the payment terms associated with that power.”

To ensure this transparency, Bitdeer independently manages and operates mining rigs for both self-mining and hosting services, monitoring each rig’s status to ensure accurate logs of utilization, hash rate, and power consumption.

Proprietary vs. Hosted Mining

Bitdeer employs proprietary mining methods to boost efficiency and profitability. By utilizing various services in Bitcoin mining, Bitdeer can optimize resource allocation and reduce risks related to market volatility.

“Our diversified verticals in the Bitcoin mining segment, i.e. self-mining, cloud hashrate and hosting, allow us to mitigate volatility and facilitate growth during different cycles of the market,” LaBerge noted. 

This diversification enables Bitdeer to maintain strong margins across various market cycles by leveraging different aspects of its operations.

Bitdeer aims to revolutionize the mining market with its highly efficient rigs, promising substantial energy savings—crucial for cutting miners’ largest costs. Its “SEAMLINER” technology roadmap shows its commitment to transparency, crucial for narrowing the crypto mining industry’s information gap. 

Highlighting the advantages of vertical integration in rig design, LaBerge pointed out that Bitdeer produces the most efficient rigs on the market, which provides significant energy savings. “As a rig manufacturer, we have become the only truly vertically integrated public miner. This gives us a significant CapEx advantage over our competitors,” he said.

AI implementation and R&D Focus

Contrary to the assumption of increased operational costs due to AI, LaBerge clarified that Bitdeer had not implemented AI as an enabling technology at their sites. Instead, the company focuses on improving the efficiency of computing hardware.

“We have not implemented AI as an enabling technology in our sites. Bitdeer is committed to improving the efficiency of the computing hardware used in our data centers and available on the merchant market,” he said. “25% of employees are dedicated to R&D efforts, focused on chip design. We will continue to invest in R&D as part of our core strategy as a vertically integrated technology company for blockchain and high-performance computing.”

Nvidia’s computing capability

Leveraging Nvidia’s computing capability, LaBerge emphasized Bitdeer’s transition to High-Performance Computing (HPC) data centers, backed by its cloud computing and data center development expertise.

Bitdeer’s use of Nvidia’s computing capabilities enhances their competitive edge. With over 2 gigawatts of contracted power, Bitdeer is well-positioned to capitalize on the burgeoning market opportunities ahead.

“Becoming the first preferred cloud service provider in Asia by NVIDIA in Q4 2023 is a testament to this expertise and capabilities in this space,” LaBerge said.

The facility is advancing bias-free AI algorithms, circularity in industrial robots and electric vehicles, battery product passports, predictive analytic tools for detecting pollution off-shoring, and more.

The IOTA Foundation just announced the inauguration of a new research facility, the Imperial IOTA Infrastructures Lab (I3-Lab), at Imperial College London. 

The lab is well-positioned to lead research thanks to a generous £1 million endowment from the IOTA Foundation and additional funding from Imperial College London.

The facility aims to advance bias-free AI algorithms, circularity in industrial robots and electric vehicles, battery product passports, and predictive analytics for detecting pollution off-shoring.

Their approach will accelerate the application of scientific discoveries into practical solutions, focusing particularly on advancing Distributed Ledger Technology (DLT) within Web3 applications and digital economies.

Central to its mission, the I3-Lab will integrate DLT into the circular economy framework, hosting an incubator for sustainable business models and digital tools based on servitization. These initiatives aim to foster resource-efficient economic growth and promote shared access to goods and services. 

The lab’s purpose

The lab is led by Dr. William Sanders and comprises a team of 25, including PhD students and senior researchers, collaborating closely with IOTA’s Applied Research Team.

The laboratory is dedicated to addressing worldwide issues such as climate change by developing advanced technological solutions. It also establishes a model for cooperative research where academia and industry intersect.

The lab has secured grants for pioneering projects like Autofair and iCircular3, which target bias-free AI algorithms and enhance circularity in industrial sectors, respectively.