How IREN Is Cashing In on the AI Data Center Boom
This Bitcoin miner became one of the market's highest-growth neocloud companies.
Overview
In late 2024, an Australian Bitcoin (CRYPTO: BTC) miner, Iris Energy, rebranded as IREN (NASDAQ: IREN) and transformed into an AI infrastructure company. Since that rebranding, IREN's stock has rallied more than 270%.
As IREN, the company used all of its capital, logistics, and power infrastructure to expand its AI and high-performance computing (HPC) data centers rather than its Bitcoin mining operations. It now provides over 800 MW of capacity through its four data center campuses in North America.
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Originally published at www.fool.com.
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