IREN Abandons Bitcoin Mining Expansion in Favor of AI Data Centers

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