Bitcoin miner IREN (previously generally known as Iris Vitality) is the most recent crypto mining firm trying to revenue from the unreal intelligence market growth, in line with 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 knowledge middle market.
Is IREN prepared for AI pivot?
This transfer comes lower than two weeks after quick vendor Culper Analysis questioned IREN’s capability to help the high-performance computer systems (HPC) important for generative AI.
In keeping with the quick vendor, IREN’s flagship Childress buildout lacks quite a few crucial options for HPC purposes. It acknowledged:
“IREN talks an enormous sport of its HPC plans, however in the end appears solely disinterested in really doing what it takes to compete within the area. Look no additional than IREN’s personal financials: the Firm has spent lower than $1 million per MW to construct out its present footprint, and tells traders it should full the Childress construct for the same sub- $1 million per MW determine. In the meantime, main operators, analysts, and consultants all verify that the true value to develop an HPC-ready knowledge middle is ~$10 to $20 million per MW.”
Nonetheless, Mathew Sigel, the pinnacle of digital belongings analysis at VanEck, stated IREN’s newest announcement instantly refutes “the Culper quick report which claimed the positioning isn’t appropriate to AI/HPC because 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 the direction of AI
Whereas uncertainty surrounds IREN AI pivot efforts, different crypto mining corporations 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 may generate greater than $1 billion in income. Additional, Hut 8 introduced it raised $150 million in debt from personal fairness agency Coatue to broaden its AI knowledge middle portfolio.