IREN | Crypto

As Bitcoin miner IREN shifts toward AI cloud infrastructure, leveraging a Microsoft deal and GPU expansion, analysts expect mining revenue to decline over time. IREN could become the next major Bitcoin miner to transition into AI infrastructure following its multi-billion-dollar deal with Microsoft, underscoring a broader shift in mining economics, according to a new research report from Bernstein. The Bernstein analysts point to IREN’s rapidly expanding AI cloud division, where around 150,000 GPUs are already contracted, supporting an estimated $3.7 billion in annual revenue run rate once fully functional. A significant portion of this capacity is tied to a long-term agreement with Microsoft, which has committed to using GPU capacity for AI workloads over five years. The deal also includes substantial customer prepayments, helping fund the infrastructure buildout. Read more

Crypto mining stocks have declined across the board the value of the entire crypto market fell almost 9% on Thursday. Shares in crypto mining companies IREN and CleanSpark sank on Thursday as their earnings came in below Wall Street expectations and Bitcoin’s slide saw traders turn risk-off. Bitcoin (BTC) has fallen 12% over the past 24 hours to briefly touch a low of $60,000 early on Friday. Meanwhile, the crypto market capitalization fell by almost 9%, according to CoinMarketCap. CleanSpark (CLSK) led the decline, closing trading on Thursday down 19.13% and falling another 8.6% after-hours to $7.55 after its results for the quarter ended Dec. 31 came in below analyst predictions. Read more

Microsoft’s $9.7 billion contract with a Texas miner reveals the new math pushing crypto infrastructure toward AI, and what it means for the networks left behind. IREN’s November 3 announcement collapses two transactions into a single strategic pivot. The first is a five-year, $9.7 billion cloud services contract with Microsoft, while the second is a […] The post Bitcoin miner to AI landlord: Microsoft signs $9.7B deal with BTC miner IREN appeared first on CryptoSlate.

IREN’s Microsoft partnership underscores how Bitcoin miners are reinventing themselves as AI infrastructure providers amid tightening margins. Bitcoin mining company IREN (IREN) has signed a multi-year GPU cloud services contract with Microsoft, highlighting the growing integration between traditional mining infrastructure and the expanding demands of Big Tech for AI computing power. The five-year agreement, valued at $9.7 billion, will provide Microsoft with access to Nvidia GB300 GPUs hosted within IREN’s data centers. In a related move, IREN also announced a $5.8 billion deal with Dell Technologies to acquire GPUs and related equipment. The company plans to fund its capital expenditures through a combination of cash reserves, customer prepayments, operational cash flow, and additional financing. Read more

Bitcoin miner IREN rose 14% in after-hours trading after posting a record $187.3 million revenue in the last quarter, as it continues to expand into AI. Bitcoin miner IREN has posted its best quarter of earnings to date, bringing in $187.3 million last quarter, which contributed to a record $501 million revenue for the fiscal year, sending its stock up nearly 14% in after-hours trading.  Quarterly revenue for the month ended June 30 was up 226% year-on-year, helping the company swing back into profitability with $176.9 million in net income, IREN said in a report on Thursday.  The surge was driven by growth in its Bitcoin (BTC) mining business, but the company has also made moves to deepen its footprint in the AI space as a new “Preferred Partner” to AI giant Nvidia. Read more

Shares in IREN Ltd closed trading on Wednesday up 11.4% after it reported mining more Bitcoin than MARA Holdings in July. Shares in IREN Ltd popped 11.4% after the Bitcoin miner posted $86 million in revenue for July, outperforming industry heavyweight MARA Holdings in Bitcoin production. On Wednesday, IREN reported mining 728 Bitcoin (BTC) in July, beating MARA’s 703 BTC mined over the same period despite having a smaller deployed hashrate — 50 exahashes per second (EH/s) compared to MARA’s 58.9 EH/s. IREN reported an average hashrate over July of 45.4 EH/s, signalling that a majority of its machines stayed online and productive throughout the month. Read more