Amazon Rolls Out $100 Million Program to Fund Generative AI Startups

Amazon Web Services or AWS is one of the biggest cloud services providers in the world. Recently, the firm has decided to venture into the world of generative AI with an allocation of $100 million in development funds. The cloud computation firm will be looking to offer financial aid to AI-based businesses that are exploring this arena. The program has been dubbed the AWS Generative AI Innovation Center. This initiative will enable the creation of a connection between the data scientists, engineers, and architects who are interacting with consumers and partners. Additionally, Amazon is also aiming to focus on supplementing the progress of generative AI models. This year, various open-sourced generative AI programs such as and Midjourney have gained significant recognition. Hut 8 and US Corp are two large players in the Bitcoin hashrate industry. Both organizations are reportedly in the process of building a joint venture. If the merger is successful, the resulting entity will become the biggest hash rate contributor in the North American hemisphere. Hut 8 is a US-based company with an estimated market cap of $990 million and an equal public equity distribution after the merger is completed. The combined hash rate is estimated to be around 7.5 EH/s as per The MinerMag. However, at present the largest hash rate contributor continues to be Marathon Digital, or MARA, which is currently dominating the sector with 23 EH/s. However, once the merger is completed the hashrate could reach a maximum of 10.5 EH/s capacity.

During the prolonged winter, many miners had to close their doors while some resorted to selling larger amounts of Bitcoins that they were minting. Wolfie Zhao, an analyst at TheMinerMag has told the media that Hut 8 is doing well with 10K Bitcoins still present on its balance sheet. Meanwhile, Marathon Digital holds around 12,232 Bitcoins as its current holdings. A new report by a JP Morgan analyst has declared that Bitcoin miners who are working with a mix of sustainable and traditional energy resources will be able to survive. The firm also declared that only low-energy accessing miners will remain operational in a competitive environment. The bank also noted that electricity prices have decreased significantly in the US region where the majority of the companies are based.

An analyst named Nikolaos Panigirtzoglou has said that the average cost of electricity cost for Bitcoin miners remained at $0.05 per kilowatt hour. However, some of the bigger mining farms were able to get a power bill deal of $0.03/kWh. The analyst also made note of some of the smaller Bitcoin mining companies such as Core Scientific, Iris Energy, and Argo. According to the report these mining companies have been struggling due to reducing Bitcoin prices, rising energy costs, and increasing debt service cost. The analyst also noted that many mining farms are trying to include cheaper and renewable energy sources to manage Opex.

Robert Wilson
Robert Wilson author

As the overseer of NicheBot's editorial content, I am committed to ensuring that all information published on our website is both accurate and relevant to our readers. My fervent support for the crypto industry has led me to closely monitor the developments within it since 2012, and I have contributed extensively to discussions and debates surrounding the world of Bitcoin.

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