Bitcoin miner IREN reported its highest quarterly profit to date. With $187.3 in earnings, the company generated a revenue record of $501 in fiscal year. After-hours, its shares rose by nearly 14%.
IREN said A report was published on Thursday.
Bitcoin) (BTCThe mining sector is the main focus of the company, but they have also taken steps to increase their presence in AI as a brand new area. “Preferred Partner” Nvidia is the leader in AI.
Google Finance reports that IREN’s shares rose 13.9% after hours to close at $23,04, a gain of nearly 3.1%. data shows. Stocks have been consistently rising this month and setting highs.
IREN’s AI expansion is part of a larger industry trend as Bitcoin miners navigate through the current increase in mining difficulty What has been? driven up energy use and squeezed profit margins — forcing many of them to adopt more efficient equipment, find cheaper energy sources, or expand into AI.
IREN is the leading Bitcoin miner of 2025
IREN reports $1 Billion in Annualized Revenue “under current mining economics” MARA Holdings was defeated by industry giants MARA Holdings BTC mining production In July, MARA mined 703 BTC as opposed to 728 BTC in mining.
IREN’s installed Bitcoin-mining capacity reached 50 exahashes each second, though it paused expansion for AI.
IREN Partners with Industry Giant Nvidia
IREN saw its GPU count increase to 1,900 in the third quarter. This represents a 132% growth year-on-year. “Preferred Partner to Nvidia,” Access to information more directly Nvidia’s hardware.
IREN generates revenue through its AI business, by leasing GPU power to machine learning tasks and training large language models. It also supports businesses that require high-performance AI computation.
IREN intends to invest another $200 millions to raise its GPU count to 10,000 in the coming months to reach its $200-250 million annualized AI revenue target by December.
It would be an 8-10-fold increase compared with the revenue it generated between April-June, which was around $25 Million per month.
IREN plans to install up to 60,000 Blackwell GPUs from Nvidia at its British Columbia, Canada site.
IREN used to be referred as “overvalued”
IREN’s recent strong performance comes a little over a year since Culper Research, whose short-selling business was successful. said IREN It is a good idea to use “wildly overvalued” Criticized the company when it talked “big game” What is the best way to get in touch with us? high-performance computing Without investing enough in AI, it is impossible to compete on a serious level.
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Culper likened IREN’s effort to winning the Monaco Grand Prix but arriving on the track in the Toyota Prius.
IREN has risen 312.2% since then. The shares dropped from $12.31 down to $5.59 as recently as April.
IREN has recently been a source of concern reached A confidential settlement was reached with NYDIG to end a three-year long legal dispute over the defaulted equipment loan of $105 Million tied to 35,000 Antminer S19s.
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Source: cointelegraph.com
