IREN Abandons Bitcoin Mining Expansion in Favor of AI Data Centers

Australian Bitcoin mining company IREN is changing its growth strategy, shifting its focus from BTC mining to AI data center businesses and AI cloud services.

“As we complete the expansion of mining to 50 EH/s, our focus turns to the next phase of growth and providing scalable infrastructure for AI and high-performance computing,” co-founder and CEO Daniel Roberts said in a business update on Monday.

According to the company, once the 52 EH/s level is reached, the expansion is expected to generate $528 million in annual cash flow. The current installed capacity is 35 EH/s, and the process is expected to be completed in the coming months.

IREN shares fell 2.1% in premarket trading.

Source: cryptonews.net