Bitdeer's Strategic Move into AI
Several bitcoin mining enterprises are shifting their focus to artificial intelligence (AI) computing and cloud services. Bitdeer, a publicly traded blockchain and high-performance computing company, has recently disclosed its expansion into AI. This strategic move involves providing Nvidia-powered graphics processing unit (GPU) services.
Joining the Nvidia Partner Network
Bitdeer, based in Singapore and listed on Nasdaq as BTDR, has joined the Nvidia Partner Network as a cloud service provider. With a particular focus on the Asian market, Bitdeer aims to offer Nvidia-enabled AI supercomputing capabilities. The company's objective is to expedite the advancement of generative AI, extensive language models (LLMs), and additional AI workloads in the region.
Introducing Bitdeer AI Cloud
Bitdeer's latest offering, known as "Bitdeer AI Cloud," will be equipped with Nvidia's DGX Superpod and DGX H100 systems. Nvidia's DGX Superpod provides a scalable infrastructure that, when integrated with Nvidia's DGX systems, offers a turnkey solution for deploying AI supercomputers. Bitdeer asserts that its AI Cloud will deliver state-of-the-art computing power to businesses and innovators through Nvidia’s DGX systems.
"We are excited to work with Nvidia to lay the groundwork for the next era of AI and large language model advancements in Asia," said Matt Linghui Kong, the CEO of Bitdeer.
Other Companies Venturing into AI
Bitdeer is not the only bitcoin mining company diversifying into AI. In August 2023, Iris Energy invested $10 million in Nvidia GPUs to enter the AI space. Similarly, Tether and Northern Data acquired 10,000 Nvidia H100 units, investing $420 million in AI. Bitdeer's strategic timeline consists of four phases: Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS), and Application as a Service (AaaS).
Empowering Businesses with Generative AI
"Generative AI empowers businesses to unlock unprecedented scalability, reliability, and innovation," remarked Tony Paikeday, senior director of the DGX platform. With its Nvidia DGX infrastructure, Bitdeer can provide the AI supercomputing and software needed to build and deploy generative AI models and services.
What are your thoughts on Bitdeer's expansion into the AI sector? Share your opinions in the comments section below.
Frequently Asked Questions
How is gold taxed within a Roth IRA
The tax on an investment account is based on its current value, not what you originally paid. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
If you place the money in a traditional IRA, 401(k), or other retirement plan, there is no tax when you take it out. You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
The rules governing these accounts vary by state. Maryland requires that you withdraw funds within 60 business days after reaching the age of 59 1/2. Massachusetts allows you up to April 1st. New York is open until 70 1/2. To avoid any penalties, plan your retirement savings and take your distributions as early as possible.
What is a Precious Metal IRA, and how can you get one?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These are called “precious” metals because they're very hard to find and very valuable. These are good investments for your cash and will help you protect yourself from economic instability and inflation.
Bullion can be bought via various channels, such as online retailers, large coin dealers and grocery stores.
A precious metal IRA lets you invest in bullion direct, instead of purchasing stock. This will ensure that you receive annual dividends.
Precious metal IRAs are not like regular IRAs. They don't need paperwork and don't have to be renewed annually. You pay only a small percentage of your gains tax. Plus, you get free access to your funds whenever you want.
Should You Invest in Gold for Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. If you are unsure which option to choose, consider investing in both options.
Gold is a safe investment and can also offer potential returns. This makes it a worthwhile choice for retirees.
Gold is more volatile than most other investments. Because of this, gold's value can fluctuate over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. You should just factor the fluctuations into any overall portfolio.
Another benefit of gold is that it's a tangible asset. Gold is less difficult to store than stocks or bonds. It can also be carried.
Your gold will always be accessible as long you keep it in a safe place. Additionally, physical gold does not require storage fees.
Investing in gold can help protect against inflation. It's a great way to hedge against rising prices, as gold prices tend to increase along with other commodities.
Also, you'll reap the benefits of having some savings invested in something with a stable value. Gold usually rises when stocks fall.
Gold investment has another advantage: You can sell it anytime. You can easily liquidate your investment, just as with stocks. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
You shouldn't buy too little at once. Begin by buying a few grams. Next, add more as required.
Remember, the goal here isn't to get rich quickly. Instead, the goal here is to build enough wealth to not need to rely upon Social Security benefits.
While gold may not be the best investment, it can be a great addition to any retirement plan.
What are the advantages of a IRA with a gold component?
The benefits of a gold IRA are many. It's an investment vehicle that lets you diversify your portfolio. You control how much money goes into each account and when it's withdrawn.
Another option is to rollover funds from another retirement account into a IRA with gold. This is a great way to make a smooth transition if you want to retire earlier.
The best part about gold IRAs? You don't have to be an expert. They're available at most banks and brokerage firms. You do not need to worry about fees and penalties when you withdraw money.
However, there are still some drawbacks. Gold has always been volatile. So it's essential to understand why you're investing in gold. Is it for growth or safety? Are you looking for growth or insurance? Only after you have this information will you make an informed decision.
If you plan on keeping your gold IRA alive for a while, you may want to consider purchasing more than 1 ounce of pure gold. A single ounce will not be sufficient to meet all your requirements. Depending on your plans for using your gold, you may need multiple ounces.
You don’t necessarily need a lot if you’re looking to sell your gold. You can even live with just one ounce. You won't be capable of buying anything else with these funds.
Should You Buy Gold?
Gold was considered a safety net for investors during times of economic turmoil in the past. However, today many people are turning away from traditional investments such as stocks and bonds and instead looking toward precious metals such as gold.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
This could be changing, according to some experts. They say that gold prices could rise dramatically with another global financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- The first thing to do is assess whether you actually need the money you're putting aside for retirement. It is possible to save for retirement while still investing your gold savings. That said, gold does provide an additional layer of protection when you reach retirement age.
- Second, be sure to understand your obligations before you purchase gold. Each account offers different levels of security and flexibility.
- Don't forget that gold does not offer the same safety level as a bank accounts. Losing your gold coins could result in you never being able to retrieve them.
You should do your research before buying gold. And if you already own gold, ensure you're doing everything possible to protect it.
Which precious metal is best to invest in?
This depends on what risk you are willing take and what kind of return you desire. Gold is a traditional haven investment. However, it is not always the most profitable. Gold may not be right for you if you want quick profits. Silver is a better investment if you have patience and the time to do it.
Gold is the best investment if you aren't looking to get rich quick. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
Who is the owner of the gold in a gold IRA
The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.
To be eligible for the tax-free status, you must possess at least $10,000 gold and have had it stored for at least five consecutive years.
Although gold can help to prevent inflation and price volatility, it's not sensible to have it if it's not going to be used.
If you are planning to sell your gold someday, it is necessary that you report its value. This can affect the capital gains taxes that you owe when cashing in on investments.
You should consult a financial planner or accountant to see what options are available to you.
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- You want to keep gold in your IRA at home? It's not exactly legal – WSJ
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement funds
3 Ways To Invest in Gold For Retirement
It's essential to understand how gold fits into your retirement plan. There are many ways to invest in gold if you have a 401k account at work. You might also be interested to invest in gold outside the workplace. For example, if you own an IRA (Individual Retirement Account), you could open a custodial account at a brokerage firm such as Fidelity Investments. If precious metals aren't your thing, you may be interested in buying them from a dealer.
These are the three rules to follow if you decide to invest in gold.
- Buy Gold with Cash – Avoid using credit cards or borrowing money to fund investments. Instead, invest in cash. This will protect your against inflation and increase your purchasing power.
- Physical Gold Coins to Own – Physical gold coin ownership is better than having a paper certificate. Physical gold coins can be sold much faster than paper certificates. Also, there are no storage fees associated with physical gold coins.
- Diversify Your Portfolio – Never put all of your eggs in one basket. Also, diversify your wealth and invest in different assets. This helps to reduce risk and provides more flexibility when markets are volatile.
By: Jamie Redman
Title: Bitdeer Expands into AI Supercomputing with Nvidia Partnership
Sourced From: news.bitcoin.com/publicly-listed-bitcoin-miner-bitdeer-expands-into-ai-with-nvidia/
Published Date: Fri, 10 Nov 2023 20:30:02 +0000