Seeking Alpha
2023-06-20 15:03:09

Iris Energy stock gains as bitcoin miner lays out expansion plan

Iris Energy ( NASDAQ: IREN ) stock gapped up 14.6% in Tuesday morning trading as the eco-friendly bitcoin ( BTC-USD ) miner said it's planning to boost its data center capacity to 9.1 exahash per second (EH/s) by early 2024, from the current 5.6 EH/s . In addition, the company said it's reviving its high-performance computing ("HPC") data center strategy in the wake of surging interest in artificial intelligence. In other words, Iris ( IREN ) is preparing for more demand for data center space for AI, as "developments continue to accelerate in the sector, including the growth of computing power and clean energy requirements," it said. "Significant time was invested in exploring the [HPC] strategy ~3-4 years ago, including signing a strategic memorandum of understanding with Dell Technologies in March 2020 to test and develop potential data center solutions for energy intensive compute applications, including leveraging Dell Technologies’ HPC and artificial intelligence expertise," the company added. IREN's upswing also comes as bitcoin ( BTC-USD ) rises 1.3% to $26.77K at the time of writing. More on Iris Energy and its growth prospects Iris Energy mines 59% more bitcoins in May Iris Energy upgraded to Overweight at Cantor on expectations that further hash rate growth will be achieved Iris Energy: Transaction Fees Change Everything

Kaynak: Seeking Alpha
Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.