IREN Hits 50 EH/s and Expands in AI

IREN, a Nasdaq-listed bitcoin miner, has reached a major milestone by achieving a 50 EH/s hashrate, joining competitors like MARA and CleanSpark. This accomplishment aligns with IREN's mid-year target, largely due to their 750MW Childress facility in Texas, with 650MW currently operational. This rapid growth underscores IREN's capability to deliver complex energy and data center infrastructure efficiently. IREN accounts for about 6% of the total global bitcoin network hashrate, which currently stands at 842 EH/s. Financially, the company is the fourth-largest public bitcoin miner, with a market cap of $3.5 billion. At $41,000 per bitcoin, IREN's production benefits from cost efficiencies, including low-cost renewable energy. Their strategic selling of bitcoin daily minimizes financial risks and aligns performance with operations. IREN is also focusing on AI diversification, adapting its infrastructure for GPU hosting to support AI and high-performance computing needs, without supplying GPUs themselves. Their Childress site not only supports bitcoin mining but also serves as a foundation for a new 50MW liquid-cooled AI data center, anticipated by Q4 2025. IREN's ongoing financial strategies include a $450 million raise through convertible senior notes, aiming to capitalize on its AI expansion opportunities. Despite the challenges, such as recent dips in bitcoin mining difficulty, IREN's approach ensures resilience and growth in both the crypto and AI markets.