Australian Bitcoin mining company IREN is changing its growth plans, shifting its focus from BTC mining to developing AI data centers and AI cloud services.

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

Once it reaches 52 EH/s, the expansion is expected to generate $528 million in annual cash flow, according to the company. The current installed capacity is 35 EH/s, and is scheduled to be completed in the coming months.

IREN shares fell 2.1% in premarket trading.

Source: cryptonews.net