Bitcoin miner IREN (previously often known as Iris Power) is the most recent crypto mining firm seeking to revenue from the unreal intelligence market growth, in response to its July 23 Analyst & Investor Day presentation.
The deliberate presentation exhibits that the agency will launch a GPU pilot at its Childress web site in Prince George.
This follows the miner’s July 16 appointment of banking large Morgan Stanley as its monetary advisor to judge monetization alternatives within the AI information heart market.
Is IREN prepared for AI pivot?
This transfer comes lower than two weeks after brief vendor Culper Analysis questioned IREN’s capability to assist the high-performance computer systems (HPC) important for generative AI.
In line with the brief vendor, IREN’s flagship Childress buildout lacks quite a few vital options for HPC purposes. It said:
“IREN talks a giant recreation of its HPC plans, however in the end appears fully disinterested in really doing what it takes to compete within the house. Look no additional than IREN’s personal financials: the Firm has spent lower than $1 million per MW to construct out its current footprint, and tells buyers it would full the Childress construct for the same sub- $1 million per MW determine. In the meantime, main operators, analysts, and specialists all verify that the true value to develop an HPC-ready information heart is ~$10 to $20 million per MW.”
Nonetheless, Mathew Sigel, the top of digital belongings analysis at VanEck, mentioned IREN’s newest announcement immediately refutes “the Culper brief report which claimed the positioning will not be appropriate to AI/HPC as a consequence of Lack of Energy Redundancy, Liquid Cooling and Backup Fiber.”
IREN couldn’t be instantly reached for remark as of press time.
Different miners advance in direction of AI
Whereas uncertainty surrounds IREN AI pivot efforts, different crypto mining firms are making strides of their AI journey as they search to diversify their earnings following the April halving occasion, which impacted their revenues.
Over the previous months, Bitcoin miner Core Scientific signed a 12-year cope with CoreWeave, an Nvidia-backed startup, that will generate greater than $1 billion in income. Additional, Hut 8 introduced it raised $150 million in debt from non-public fairness agency Coatue to broaden its AI information heart portfolio.
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