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IREN reports significant growth in Bitcoin mining and AI cloud services By Investing.com

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SYDNEY – IREN (NASDAQ: IREN), a company specializing in next-generation data center operations for mining and AI cloud services, has announced substantial progress in its operations and financial metrics for March 2024. The company’s monthly investor update highlighted key achievements, including the mining of 353 Bitcoin and the operation of an 8 EH/s hashrate, with plans to expand to 20 EH/s within the year.

According to the update, IREN’s Bitcoin mining revenue surged by 56% to $23.7 million, attributed to an increased operating hashrate and a higher Bitcoin price. The expansion of its mining operations is reportedly fully funded, with half of the planned 20 EH/s hashrate to be commissioned in the first half of 2024 and the remainder in the second half.

In the realm of AI cloud services, IREN showcased its capabilities at the NVIDIA (NASDAQ:) GTC conference, with the Co-Founder & CTO of poolsideAI presenting alongside IREN’s CEO. The company is currently commissioning 568 NVIDIA H100 GPUs, adding to the 248 already in operation. These GPUs are expected to generate an estimated $14-$17 million in annualized hardware profit.

The investor update also detailed the status of IREN’s data center infrastructure, reporting that 220MW is currently operational, with an additional 240MW under construction, aimed at supporting the increased mining hashrate. The data centers’ design has been optimized to expedite construction timelines.

Financially, IREN is in a strong position with $301 million in cash and no debt. This financial standing supports the company’s expansion plans for both its data center capacity and Bitcoin mining operations.

IREN is set to commence quarterly reporting starting from the quarter ending March 31, 2024. The company is also preparing for upcoming events, including the CG Digital Assets Symposium on April 11, 2024, and a non-deal roadshow in London from April 8 to April 11, 2024.

This report is based on a press release statement from IREN and contains forward-looking statements that involve risks and uncertainties. These statements reflect the company’s current expectations and are not guarantees of future performance.

InvestingPro Insights

As IREN (NASDAQ: IREN) continues to make strides in expanding its Bitcoin mining operations and AI cloud services, the company’s financial health and market performance provide additional context for investors considering this high-growth tech stock. Here are some key insights based on real-time…

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