Bitcoin miner IREN secures more multi-year cloud contracts, including NVIDIA GPU deployments
Quick Take The Nasdaq-listed bitcoin miner continues to expand its AI business through additional multi-year cloud services contracts, including NVIDIA Blackwell GPU deployments. IREN was named a “preferred partner” of NVIDIA in August as the firm continues to build out its HPC vertical.
Nasdaq-listed bitcoin miner IREN Limited (ticker IREN) is expanding its AI business through additional multi-year cloud services contracts, including NVIDIA Blackwell GPU deployments. IREN’s expanded cloud capacity is on track to reach half a billion dollars in annualized run-rate revenues, according to an announcement on Tuesday.
IREN (formerly Iris Energy) was named a "preferred partner" of NVIDIA, a leading designer of high-performance graphics processing units, in August, giving the firm better access to chips as it continues to build out AI-focused facilities.
"Our ability to rapidly transition from ASICs to GPUs across our British Columbia campuses, and the speed at which we’re building Horizon 1 & 2, demonstrates how IREN is uniquely positioned to meet accelerating demand for AI compute," co-CEO Daniel Roberts said in a statement, referencing Horizon high-performance computing (HPC) data centers under construction in Childress, Texas.
According to the announcement, IREN has secured customer contracts for 11,000 of its approximate 23,000 GPUs expected to be in operation by the end of 2025.
Additionally, IREN operates about 50 EH/s of installed self-mining Bitcoin capacity, placing it among the largest miners in terms of fleet utilization .
Bitcoin mining stocks have been on a tear as BTC pushes towards new highs. On Monday, at least three mining firms — Hive, Bitfarms, and Riot Platforms — posted double-digit returns after bitcoin set a fresh all-time high above $126,000.
As Bitcoin miners continue to ramp up their hashrate capabilities, several firms like IREN, Core Scientific, and Hut 8, among others, are looking to compete in the emerging HPC vertical. Meanwhile, other firms like MARA and Riot are looking to garner investor interest by building out their bitcoin treasuries.
While bitcoin mining ASIC chips are not suitable for AI workloads, these firms often have access to lucrative power supply contracts, physical data centers, and other tech that can be adapted for GPU-hosting amid the LLM boom.
Shares of IREN are up about 1% on the day, trading hands for nearly $58 with a $13.7 billion market cap, according to The Block’s data page .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Wall Street giants collectively raise rate hike forecasts, US Treasury futures continue to fall, gold drops over 1% to break 4000
After the US October CPI exceeded expectations, Goldman Sachs and Nomura added a forecast for an interest rate hike in March next year, while Deutsche Bank included a forecast for a rate hike in January next year. Currently, the market has fully priced in a 25 basis point rate hike in December, with a 13% probability for a 50 basis point hike. On Wednesday, the US Treasury spot market was closed, but Treasury futures continued to fall, with corresponding yields rising by about 2 to 4 basis points, and spot gold came under pressure, dropping by 1.1%.
No Need to Worry About the Cooling Down of AI Data Center Construction? The US Import Boom Is Unlikely to Subside in the Short Term, Real Impact May Come in 2029
It takes an average of 4.8 years from finalizing investment to starting construction of a data center project, and an additional 2.6 years from construction start to becoming operational. Servers usually cannot be installed until after the building structure and racks are completed. For trade partners such as Taiwan (China), South Korea, and Mexico who rely on US data center supply chain demand, the inertia in construction timelines provides at least a one- to two-year buffer for future exports.
Federal Reserve Major Debate: When Should the Tenure of “Number Three” Williams End?
The main point of contention is whether Williams should step down in June 2028, upon completing a full 10-year term, or in June 2027, when he reaches the mandatory retirement age of 65. Analysts point out that the Federal Reserve Board holds ultimate discretion; if he leaves early, Fed Chair Waller would be able to assert greater control over the appointment to this critical position. However, forcing Williams to shorten his term could easily be interpreted as political manipulation. Williams himself is expected to serve until June 2028.
Crypto prices
More
