IREN Stock Skyrockets 500% as Bitcoin Miner Reinvents Itself as AI Cloud Powerhouse
IREN began as Iris Energy, a clean-energy Bitcoin miner, and has pivoted sharply into data centers for AI/HPC workloads. Its model is vertically integrated: it owns land, power contracts, and facilities all run on 100% renewable hydro and wind power ts2.tech. This “green” setup gave IREN some of the lowest mining costs in the industry ts2.tech ts2.tech. By mid-2024 it had ~20 EH/s of hashpower, making it a top-tier miner.
