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Bitcoin miner IREN has posted its champion 4th of net to date, bringing successful $187.3 cardinal past quarter, which contributed to a grounds $501 cardinal gross for the fiscal year, sending its banal up astir 14% successful after-hours trading.
Quarterly gross for the period ended June 30 was up 226% year-on-year, helping the institution plaything backmost into profitability with $176.9 cardinal successful nett income, IREN said successful a study connected Thursday.
The surge was driven by maturation successful its Bitcoin (BTC) mining business, but the institution has besides made moves to deepen its footprint successful the AI abstraction arsenic a caller “Preferred Partner” to AI elephantine Nvidia.
IREN shares closed up astatine astir 3.1% to $23.04 connected Thursday and roseate different 13.9% successful after-hours pursuing the results, Google Finance data shows. The banal has been steadily climbing this month, repeatedly mounting caller highs.
IREN’s alteration successful terms connected Thursday. Source: Google FinanceIREN’s AI enlargement reflects a broader manufacture trend, arsenic Bitcoin miners proceed to navigate the caller summation successful mining difficulty that has driven up vigor use and squeezed nett margins — forcing galore of them to follow much businesslike equipment, find cheaper vigor sources, oregon grow into AI.
IREN has been a apical Bitcoin miner successful 2025
IREN recorded $1 cardinal successful annualized gross “under existent mining economics” and bushed manufacture heavyweight MARA Holdings successful BTC mining production successful July, mining 728 BTC compared to MARA’s 703 BTC.
IREN besides notched 50 exahashes per 2nd successful installed Bitcoin mining capacity, but paused further enlargement to absorption connected AI.
IREN partners with manufacture elephantine Nvidia
IREN accrued its GPU number to 1,900 during the quarter, increasing 132% year-on-year arsenic it became a “Preferred Partner to Nvidia,” enabling much nonstop entree to Nvidia’s hardware.
IREN makes gross from its AI concern by renting GPU powerfulness for instrumentality learning tasks, grooming ample connection models and supporting businesses needing high-performance AI computation.
IREN plans to walk different $200 cardinal to boost its GPU number to 10,900 successful the coming months to scope its people of $200 cardinal to $250 cardinal successful annualized AI gross by December.
This would correspond an eight-to ten-fold summation successful AI gross compared to what it made betwixt April and June, which brought astir $25 cardinal monthly.
Over the agelong term, IREN is looking to instal 60,000 of Nvidia’s Blackwell GPUs astatine its British Columbia tract successful Canada.
IREN erstwhile pegged arsenic “overvalued”
IREN’s beardown show of precocious comes astir a twelvemonth aft short-selling steadfast Culper Research said IREN was “wildly overvalued” and criticized the institution for talking “big game” about high-performance computing without investing capable to vie earnestly successful AI.
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Culper compared IREN’s efforts to competing to triumph the Monaco Grand Prix, but arriving astatine the way successful a Toyota Prius.
Excerpt from Culper Research’s study connected IREN successful July 2024. Source: Culper Research
Since then, IREN shares fell from $12.31 to arsenic debased arsenic $5.59 successful April, but person rallied 312.2% successful the past 4 months.
Meanwhile, IREN precocious reached a confidential colony with creditor NYDIG, wrapping up a astir three-year ineligible conflict implicit $105 cardinal successful defaulted instrumentality loans tied to astir 35,000 Antminer S19s.
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