Bitcoin miner IREN (previously generally known as Iris Power) is the most recent crypto mining firm trying to revenue from the factitious intelligence market increase, based on its July 23 Analyst & Investor Day presentation.
The deliberate presentation reveals 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 guage monetization alternatives within the AI knowledge heart market.
Is IREN prepared for AI pivot?
This transfer comes lower than two weeks after brief vendor Culper Analysis questioned IREN’s capability to assist the high-performance computer systems (HPC) important for generative AI.
In accordance with the brief vendor, IREN’s flagship Childress buildout lacks quite a few crucial options for HPC purposes. It said:
“IREN talks an enormous sport of its HPC plans, however in the end appears totally disinterested in truly 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 current footprint, and tells buyers it’ll full the Childress construct for the same sub- $1 million per MW determine. In the meantime, main operators, analysts, and consultants all affirm that the true value to develop an HPC-ready knowledge heart is ~$10 to $20 million per MW.”
Nonetheless, Mathew Sigel, the top of digital belongings analysis at VanEck, stated IREN’s newest announcement straight refutes “the Culper brief report which claimed the positioning isn’t appropriate to AI/HPC as a result 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 develop its AI knowledge heart portfolio.
