AI Goldrush: IREN Stock Rockets 500% as Bitcoin Miner Morphs into AI Cloud Powerhouse
Company Background & Operations IREN Limited is a vertically integrated data center operator that began as Iris Energy, a company known for sustainably mining Bitcoin using 100% renewable energyts2.tech. Headquartered in Australia with major operations in Canada and Texas, IREN controls roughly 2.9 GW of clean power capacity (hydro and wind) for its facilitiests2.tech. This massive energy footprint enabled low-cost crypto mining (all-in cost ~$0.03–$0.04 per kWh, or about $41K per Bitcoin mined)ts2.tech – among the cheapest in the industry. By mid-2024 the company had scaled to ~20 exahashes of Bitcoin hashing power, making it one of the largest miners