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IREN Calling Off Bitcoin Mining Expansion in Favor of AI Data Centers
The company expects to reach its previously planned 52 EH/s of bitcoin mining capacity in coming months.
What to know:
- IREN will soon pause bitcoin mining expansion
- The company will instead focus on growing its AI services businesses.
Australia-based bitcoin miner IREN is redirecting its growth plans away from BTC mining and towards its AI data centers and AI cloud services businesses.
“As we near completion of our 50 EH/s mining expansion, our focus is shifting to the next phase of growth and delivering scalable infrastructure for AI and HPC," said co-founder and CEO Daniel Roberts in a Monday business update.
STORY CONTINUES BELOW
Once completed at 52 EH/s, the mining expansion is expected to generate $528 million in annual cash flow, according to the company. Current installed capacity is 35 EH/s and completion is expected in the coming months.
IREN shares are lower by 2.1% premarket.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
