Apr 05, 2025 | Posted by Abdul-Rahman Oladimeji
Bitcoin mining firm IREN has announced it will pivot away from mining cryptocurrencies to focus on building out its AI data center and AI cloud service businesses. IREN cofounder and CEO Daniel Roberts explained that the company will pause the expansion of its Bitcoin mining operations upon the completion of its ongoing 50 EHps build-out, which is nearing completion.
“As we near completion of our 50 EHps mining expansion, our focus is shifting to the next phase of growth and delivering scalable infrastructure for AI and HPC through our AI cloud services and AI data center businesses,” said Roberts.
“Our capital strategy prioritizes customer prepayments and a range of debt financing solutions, with the existing ATM facility providing a strategic backstop to support delivery certainty and ongoing commercial discussions relating to the AI cloud services and AI data center businesses,” Roberts explained.
