A bitcoin mining company based in Australia, IREN, is shifting its growth strategy from BTC mining to focusing on AI data centers and cloud services.
Co-founder and CEO Daniel Roberts stated, “As we approach the completion of our 50 EH/s mining expansion, we are shifting our attention to the next stage of growth and providing scalable infrastructure for AI and high-performance computing.”
Upon finishing at 52 EH/s, the mining expansion is anticipated to yield $528 million in annual cash flow, according to the firm. The current installed capacity stands at 35 EH/s, with completion expected in the forthcoming months.
IREN’s stock has dropped by 2.1% in premarket trading.