Dan Roberts, CEO of IREN, discussed the company’s transition from Bitcoin mining to also focusing on AI computing, highlighting their substantial infrastructure and commitment to renewable energy. IREN is strategically positioning itself to capitalize on opportunities in both sectors while working with partners like Morgan Stanley to explore monetization in the AI data center market.
In a recent interview, Dan Roberts, co-founder and CEO of IREN, a data center company, discussed the company’s evolution from primarily focusing on Bitcoin mining to exploring opportunities in the artificial intelligence (AI) sector. IREN was established in 2018 with the vision of addressing the growing demands of the digital world, which includes not only Bitcoin but also AI and future technologies. The company operates Bitcoin mining machines alongside NVIDIA chips that are used for training AI models, showcasing its dual focus on cryptocurrency and AI computing.
Roberts highlighted that IREN has secured a substantial amount of power and land, totaling 2,300 megawatts, which is more than three times the aggregate capacity of all data centers in Silicon Valley and San Jose combined. This significant capacity positions IREN to explore partnerships with hyperscalers and other customers interested in AI computing. The company is currently working with Morgan Stanley to evaluate monetization opportunities in the AI data center market, indicating a strategic move towards diversifying its revenue streams.
A key aspect of IREN’s operations is its commitment to using 100% renewable energy. Roberts explained that the company only enters energy markets where its demand for energy can help solve public market problems. For instance, in Texas, where most of their power is sourced, IREN can respond in real-time to fluctuations in power prices by curtailing its computing operations when necessary. This approach allows the company to act as a demand-side battery, contributing to grid stability during peak demand periods.
When discussing the current state of Bitcoin mining, Roberts expressed a positive outlook despite the market’s volatility. He noted that IREN has significantly expanded its mining capacity, growing eightfold since the beginning of the previous year. The CEO emphasized that the company’s growth in capacity reflects a constructive view of Bitcoin’s future, likening it to “Gold 2.0” due to its scarcity and durability. He believes that Bitcoin’s volatility is a natural part of its growth trajectory as it moves toward becoming a more established asset.
Overall, IREN is strategically positioning itself at the intersection of Bitcoin mining and AI computing, leveraging its renewable energy commitment and substantial infrastructure to capitalize on emerging opportunities in both sectors. With a focus on sustainability and innovation, the company aims to navigate the evolving landscape of digital technologies while maintaining a strong presence in the cryptocurrency market.