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.
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.
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Hyperliquid's HYPE token rallied 7% over 24 hours after Trade.xyz launched the first pre-IPO perpetual…
Ether and bitcoin led liquidations, as their prices dropped on macroeconomic concerns.Read MoreCoinDesk: Bitcoin, Ethereum,…
Long-term holders are still sitting tight and exchange balances remain near six-year lows, Binance Research…
According to a recent on-chain study, the Bitcoin market has entered another crucial phase, driven…
Bitcoin’s latest on-chain picture is beginning to look less like panic and more like patience.…
After springing back to life on the back of positive CLARITY Act development, the price…