- The miner of Bitcoin is relying on its AI trial despite the doubts of short sellers.
According to its July 23 Analyst & Investor Day presentation, bitcoin miner IREN (previously known as Iris Energy) is the newest cryptocurrency mining business hoping to capitalize on the artificial intelligence market boom.
According to the scheduled presentation, the company will start a GPU pilot at its Prince George, Childress location.
This comes after the mining company named Wall Street behemoth Morgan Stanley as its financial advisor on July 16 in order to assess potential revenue streams in the AI data center industry.
Is IREN prepared for a shift to AI?
This action was taken less than two weeks after IREN’s ability to provide the high-performance computers (HPC) required for generative AI was questioned by short seller Culper Research.
A number of essential capabilities for HPC applications are absent from IREN’s flagship Childress buildout, according to the short seller.
The head of VanEck’s digital assets research, Mathew Sigel, asserted that IREN’s most recent statement clearly disputes the Culper brief assessment, which maintained that the site’s lack of backup fiber, liquid cooling, and power redundancy made it unsuitable for AI/HPC.
As of the time of publication, IREN could not be immediately reached for comment.
As other miners move closer to AI
Other cryptocurrency mining businesses are making progress in their AI journey as they look to diversify their incomes after the April halving event, which affected their revenues, but IREN AI pivot attempts remain questionable.
In recent months, Nvidia-backed startup CoreWeave and Bitcoin miner Core Scientific reached a 12-year agreement worth over $1 billion in revenue. Hut 8 also said that it has secured a $150 million debt financing from Coatue, a private equity firm, in order to grow its network of AI data centers.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
