Bitcoin miner IREN had its best financial year with $501 million in revenue

Australian Bitcoin miner IREN says it has had its best financial year yet, with the company recording record revenue of $501 million for the financial year ending on June 30, ￰0￱ performance represents a remarkable 168% year-on-year increase, driven by a surge in its Bitcoin mining operations and expanding ventures into artificial intelligence (AI) ￰1￱ company’s revenue surged 226% year-on-year for the quarter, reaching $187.3 ￰2￱ income for the period soared to $176.9 million, a dramatic turnaround from a $28.9 million loss the previous ￰3￱ credited the growth to increased mining output, improved operational efficiency, and advancements in AI services, including partnerships with major tech ￰4￱ responded positively, with IREN’s shares ending Thursday at $23.04, up 3.1%, and jumped another 13.9% in after-hours ￰5￱ say the rally reflects increasing confidence in IREN’s ability to diversify its revenue streams while maintaining a leading position in the competitive Bitcoin mining sector , which faces rising mining difficulty and energy ￰6￱ firm notes that this performance has taken place as it scales its infrastructure (and increases GPU capacity for AI streaming), and that it is uniquely positioned to have the best of both crypto and AI computing ￰7￱ observers say IREN’s success in combining classical mining with AI cloud products offers a model that other miners can emulate in the quest for growth and ￰8￱ expands AI cloud infrastructure Leveraging on the foundation of its success in Bitcoin mining, IREN is ramping up its AI ￰9￱ company has become a “Preferred Partner” with Nvidia, meaning it has direct access to the tech giant’s latest and greatest ￰10￱ collaboration is a strategic step for IREN, strengthening its revenue streams and consolidating its leading position in high-performance AI ￰11￱ Q2, its installed base reached 1,900, growing 132% ￰12￱ company expects to grow this count to 10,900 GPUs by December ￰13￱ growth is anticipated to create $200-250M of annualized AI revenue, or almost ten times the previous quarter’s revenue.

IREN’s AI cloud business leases GPU power to customers running machine learning, training massive language models, and processing other high-performance AI ￰14￱ move comes as demand for AI computing is exploding worldwide, with businesses and research organizations searching for faster, more efficient hardware to power their AI ￰15￱ at IREN have indicated that the AI operations are designed to complement its Bitcoin mining ￰16￱ taking advantage of the same data center infrastructure, the company can minimize its energy consumption and operational costs while gaining access to one of the hottest tech market ￰17￱ strategy, analysts say, allows IREN to grab a big piece of the AI computing market while continuing to lead the cryptocurrency mining ￰18￱ drives growth with strategic shift and future plans IREN’s strategic shift from traditional Bitcoin mining to becoming an AI cloud infrastructure provider marks a strong trajectory for the company’s ￰19￱ operates four data centers in British Columbia, Canada, and Childress County, Texas, that support Bitcoin mining and AI cloud services, powered by renewable energy from wind and solar ￰20￱ plans to deploy over 60,000 Nvidia Blackwell GPUs across its data centers in British ￰21￱ company has secured a second GP financing covering the full hardware cost and is pursuing additional financing ￰22￱ has also been established to benefit from the increasing need for AI infrastructure through its sound financial status and broad range of ￰23￱ an emphasis on scale and power efficiency, the company remains competitive in today’s tech industry, which looks vastly different from what it did a decade ￰24￱ your project in front of crypto’s top minds?

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