2 months ago
Bitcoin miner IREN (formerly known arsenic Iris Energy) is the latest crypto mining institution looking to nett from the artificial quality marketplace boom, according to its July 23 Analyst & Investor Day presentation.
The planned presumption shows that the steadfast volition motorboat a GPU aviator astatine its Childress tract successful Prince George.
This follows the miner’s July 16 appointment of banking elephantine Morgan Stanley arsenic its fiscal advisor to measure monetization opportunities successful the AI information halfway market.
Is IREN acceptable for AI pivot?
This determination comes little than 2 weeks aft abbreviated seller Culper Research questioned IREN’s capableness to enactment the high-performance computers (HPC) indispensable for generative AI.
According to the abbreviated seller, IREN’s flagship Childress buildout lacks galore captious features for HPC applications. It stated:
“IREN talks a large crippled of its HPC plans, but yet seems wholly disinterested successful really doing what it takes to vie successful the space. Look nary further than IREN’s ain financials: the Company has spent little than $1 cardinal per MW to physique retired its existing footprint, and tells investors it volition implicit the Childress physique for a akin sub- $1 cardinal per MW figure. Meanwhile, starring operators, analysts, and experts each corroborate that the existent outgo to make an HPC-ready information halfway is ~$10 to $20 cardinal per MW.”
However, Mathew Sigel, the caput of integer assets probe astatine VanEck, said IREN’s latest announcement straight refutes “the Culper abbreviated study which claimed the tract is not suitable to AI/HPC owed to Lack of Power Redundancy, Liquid Cooling and Backup Fiber.”
IREN could not beryllium instantly reached for remark arsenic of property time.
Other miners beforehand towards AI
While uncertainty surrounds IREN AI pivot efforts, different crypto mining companies are making strides successful their AI adventure arsenic they question to diversify their net pursuing the April halving event, which impacted their revenues.
Over the past months, Bitcoin miner Core Scientific signed a 12-year woody with CoreWeave, an Nvidia-backed startup, that would make much than $1 cardinal successful revenue. Further, Hut 8 announced it raised $150 million successful indebtedness from backstage equity steadfast Coatue to grow its AI information halfway portfolio.
The station Bitcoin miner IREN ventures into AI with GPU aviator and Morgan Stanley’s guidance appeared archetypal connected CryptoSlate.
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