Bitcoin miner IREN (previously often called Iris Power) is the newest cryptocurrency mining firm to capitalize on the growth within the synthetic intelligence market, in keeping with its July 23 analyst and investor day presentation.
The deliberate presentation exhibits that the corporate will launch pilot GPUs at its Childress facility in Prince George.
This comes after the miner appointed banking large Morgan Stanley as its monetary advisor on July 16 to judge monetization alternatives within the AI knowledge heart market.
Is IREN prepared for an AI pivot?
The transfer comes lower than two weeks after brief vendor Culper Analysis questioned IREN's means to help the high-performance computing (HPC) essential for generative AI.
In line with the brief vendor, the flagship IREN Childress lacks a lot of vital options for HPC functions. It acknowledged:
“IREN talks an enormous sport about its HPC plans, however in the long run it doesn't appear to care in any respect about what it takes to compete in house. Look no additional than IREN's personal funds: The corporate spent lower than $1 million per MW to construct its current footprint, and tells traders it should full Childress for the same determine beneath $1 million per MW. In the meantime, main operators, analysts and specialists verify that the true value of creating an HPC-ready knowledge heart is ~$10-$20 million per MW.
Nevertheless, Mathew Sigel, head of digital asset analysis at VanEck, stated IREN's newest announcement straight refutes “the temporary Culper report that claimed the location was not appropriate for AI/HPC resulting from lack of energy redundancy, liquid cooling and backup fiber.”
IREN couldn’t instantly be reached for remark at press time.
Different miners are transferring in the direction of AI
Whereas uncertainty surrounds IREN AI's pivot effort, different cryptocurrency mining corporations are making strides of their AI journey as they search to diversify their earnings following the April halving that impacted their income.
In latest months, bitcoin miner Core Scientific signed a 12-year cope with Nvidia-backed startup CoreWeave, which might generate greater than $1 billion in income. Hut 8 additional introduced that it has raised $150 million in debt from non-public fairness agency Coatue to broaden its AI knowledge heart portfolio.
