Mining Company IREN Targets $37 Billion in Corporate Value... "AI Over Bitcoin"

▲ Bitcoin (BTC) Mining

Bernstein projected that Bitcoin (BTC) mining company IREN would reach a corporate value of $37 billion as it transitions to an AI cloud business.

According to a report by cryptocurrency media outlet Cointelegraph on April 27 (local time), Bernstein analysts Gautam Chhugani and Mahika Sapra positively evaluated IREN's business model transformation. Chhugani analyzed that IREN's large-scale power infrastructure is optimized for AI data center operations. The company currently has 1.4 GW of power capacity secured in Texas and other locations.

IREN is focusing on converting the data centers it built for Bitcoin mining into AI cloud services. Recently, many tech companies have been struggling to expand their data centers due to power shortages. IREN can provide AI services faster than competitors through its already secured power grid. The higher margin of AI computing services compared to Bitcoin mining profits is also a major reason for the business transition.

The company has enhanced its hardware competitiveness by securing a large quantity of NVIDIA's latest graphics processing units. Sapra emphasized that IREN should be re-evaluated as an AI infrastructure company, beyond being a simple mining company. IREN has already started providing AI cloud services to some customers, generating substantial revenue. The market views IREN's moves as a new survival strategy for the mining industry.

With mining profitability decreasing after the Bitcoin halving, the value of utilizing power infrastructure is growing even further. IREN is expanding its territory into the high-value AI sector based on its existing power assets. The estimated value of $37 billion reflects IREN's infrastructure potential and the explosive growth of the AI market. IREN is improving its corporate structure around the two pillars of cryptocurrency mining and AI cloud services.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*