Looks like this was what was next! Big contract, and further validation of the thesis.

Need to go through the exact economics of the deal given the huge capex involved, but still seems to be a good deal comparative to other deals announced by other companies in the sector.

https://iren.us14.list-manage.com/track/click?u=d65d3565f9cb81130e9bfb0ca&id=ecab14dd6f&e=c7bad2a6c1

https://iren.us14.list-manage.com/track/click?u=d65d3565f9cb81130e9bfb0ca&id=a259426dad&e=c7bad2a6c1

And shortly after, CIFR, another Bitcoin miner turned HPC Datacentre provider signs a deal with Amazon:

https://au.investing.com/news/stock-market-news/cipher-mining-stock-soars-after-signing-55-billion-ai-lease-with-aws-93CH-4097015

That's a fascinating pivot @skaex and one well worth tracking. As you point out, the TAM is crazy big. I've done no research on any of these companies to date as I rarely invest directly in US companies if they are not in an ETF. However, for this new world of AI, I might just make an exception.

Are there any likely AUD equivalent BTC miners that are turning their GPU towards AI that you know of?

Talk about bizarre timing @skaex, this article just came through my news prompts from CNBC.

https://www.cnbc.com/2025/09/17/ai-startup-nscale-from-uk-is-blowing-away-nvidia-ceo-jensen-huang.html?__source=androidappshare

Looks like Nscale, as a BTC miner cum AI cloud player, s attracting some big fish in the AI world.

Sounds like a similar path to your $IREN discovery.

Hey Skaex,

My 2 cents below.

Firstly, welcome to the IREN club! It has been a journey so far, but seems like they are starting to get some recognition for what they have built so far.

I am mostly in IREN, but have tiny relative position in a couple of stocks with a similar thesis mainly to encourage me to do more research, and challenge assumptions I have for IREN. It definitely seems like the market has woken up to this thesis shift over the last 3-6 months, and accelerated more recently. BTC miners were at most 3-4x multiple, where as the multiple for AI DC companies seems to be tilted towards 20x or greater (Equinix on the surface looks like >50x).

CIFR I hold a small position and think that from research have a solid management team, can execute and seem well placed to capitalise on potential deals in the coming period. The CEO has stated multiple times he expects one or multiple deals by end of year. Given the run, there is still scope for a re-rate based on a deal, but it has had a very solid run, so think some numbers need to be crunched on what a re-rate might look like. Possible up to $20-25 pending deal terms and the multiple the market gives these players.

BITF have pivoted away from the international aspirations to focus on US. I was looking into this, but wasn't convinced on management given the history, although it seems like they are back on track with a decent plan in place. They do also outsource the DC design completely which is different to IREN for example, which own/control the design and process on all aspects of their sites from acquisitions to build out. They have a few hundred MW available that could result in a bump on a deal, but probably the least proven management team between IREN, CIFR and BITF.

CORZ which you mention above seems like a pretty poorly structured deal, and management the potetnial winners out of it. I hold a small position, but would hope shareholders vote against unless the CRWV price at least holds or improves.

HIVE and HUT are too other names that have been getting some traction but have limited exposure.

CLSK and MARA are trying to pivot, albeit too late in my opinion to execute well in this space given the prior experience building DC infra (read sea cans) however do hold a significant BTC treasury. On current sites, they can't do too much on the AI/HPC side in my opinion without making some decent acquisitions of sites and bringing in a decent amount of expertise.

A smokey is Soluna which is super low Market Cap but is quite reliant on funding structures to build out the sites they have - I am currently doing a review of this. I think there are quite some hairs on this one, but a glimmer of something shiny in there - the jury is still out.

A note more widely, many of the BTC miners (including some others such as Mawson coming from Aus) have had management make questionable decisions and egregious remuneration for executives vs what they have delivered (MARA). So I think there are a small couple of gems in this which could be longer term holds, but I would urge some caution when evaluating companies and teams as they are not all equal on ability to deliver and alignment of incentives.

Similarly the market seems a little hot at the market, so the old know what you own and why you own quotes seem quite pertinent at this point in time.

For IREN, they have run hard on potential in AI/HPC and the track record of BTC mining expansion, and now cracked the 10B Market Cap. While they still produce free cash flow from BTC mining (not rewarded by the market in multiples), and have indicated a pathway forward on AI/HPC expansion, I think in the next monthly report we would want to see a decent increase in AI/HPC revenues or some indication of contracts signed in order to validate the expansiion so far. They indicated 200-250M USD revenue per year potential from recent GPU acquisitions, I think we would want to see some guidance on at least 50-75M USD of that in the coming 2-4 weeks IMHO. And/or some indication on how they will monetise Horizon 1 DC in Childress.

Disclaimer: Held (and excited)

Great discussion and posts @skaex @lowway @SquidInk

For me, I’ve always struggled with the idea of investing directly in miners. My thinking goes something like this: As these companies mine Bitcoin, the fair value of their stock has to be tied to the price of Bitcoin and their relative share of the mining pool. That means they’re, directionally, pegged to the value of the underlying asset, plus you’ve got to factor in execution risk and the ongoing costs such as staff, mining hardware, electricity, and so on.

So if my thinking is right, and all else remains equal (which it never does, but let’s keep it simple), when Bitcoin goes up their value goes up, and when Bitcoin goes down (which it will, materially at some point) their value goes down too. In other words, the direction of the underlying asset should drive the stock price.

So I guess my questions are: What am I missing? Why wouldn’t I just keep holding the asset (Bitcoin) directly and go fishing instead of tracking individual companies? 

For clarity, I’m very bullish on Bitcoin, it’s by far my largest IRL holding but I’m not a Bitcoin maxi. I’m here to make money, so I’m happy to be educated on the best/other ways to invest in the space.

Thanks BigStrawbs70,

I will start by stating I have some clear biases in this discussion, I am very much a sound money advocate (so very bullish BTC) and having spent a long time researching IREN and the space so come with a very skewed perspective. I am overweight in both of these in my portfolio. So equally happy for people to push back or challenge this thesis to see what I am missing.

Overall I think that your comments are correct, and historically, the miners including IREN would move to some extent with the price of BTC. Going back to I guess the first public miners such as MARA, they would work with existing data centres and rent rack space (power) and plug in their machines and mine. The hash rate and margin at the time meant that having an asset light model (no land/infra) and just the machines meant that this was profitable and they could grow.

However, over time, with growing hash rate and adoption of BTC, it became more and more important to secure lower power prices. Being located in others facilities was a competitive disadvantage in some respects due to the price of power (>8c/kwh) compared to sourcing power directly yourself (<4c/kwh) and internationally in other countries where power prices are lower. The publicly traded miners then pivoted to owning the land, power connection and infrastructure (vertically integrated) and away from the asset light model. IREN was one example that took this approach from day one, where as MARA stuck with the asset light model until more recent years for comparison.

So those with the lowest cost of power, and able to construct the facilities and infra the most efficiently were able to scale their hash rate at faster than the network hash rate, and grow more quickly. Also those with the cheapest power could also generate significant profits particularly when the BTC price would rally. There are also differences where some miners that are less competitive have pivoted to BTC treasury model, while some are building into the HPC business model or continuing to grow their hash rates by re-investing profits.

With that in mind, my original thesis for investing in IREN was:

1. They would grow hash rate faster than the network
2. They were vertically integrated and controlled the entire setup
3. They had access to abundant cheap power - and power takes years from finding a site to coming online
4. They owned large portfolios of sites with access to significant and growing amounts of power
5. They signed MOU's (for what they are worth) with Dell at the outset with a business line in HPC in the future in mind
6. The global and US data centre projected demand was expected to grow much faster than the physical power supply and availability could keep up

Over time, my thesis broke on some important points:

1. The global hash rate grew faster than I projected, and therefore IREN share was lower than anticipated
2. "Crypto Winter" significantly impacted the bottom line, and the ability to grow organically by reinvesting profits. This has resulted in significantly more dilution than I projected in various models
3. The market did not reward miners with any reasonable multiple, and even hitting significant milestones in growth was largely unrewarded

Based on the above, I should have cut my investment, however I still thought that the assets that they did have were worth more than what the market was pricing in, and eventually BTC mining cash flows could be reinvested to grow the business or at least get it back on a good path. Probably lucky in hindsight...

It seems the recent re-rating on some of these companies is largely based on the assets that the miners hold - the land and power connections and more important the amount of power they have access to rather than the mining business itself. For example, IREN has access to ~2.9GW of power coming online in the next 2 years (and a larger unannounced portfolio for the following years), with over 800MW currently operating. Compare this to Equinix, which has over 1GW of power, is currently priced at >80B market cap and significant multiple on earnings. Now the two business are different in many ways, with location of sites, tier of data centres currently built, customers and track record on running DC's for HPC, however this provides some scope of the potential for these companies in the coming years.

Not all companies are equal in the miners, some having many small (<20MW sites) scattered over different geographies, which may not be as well suited to AI/HPC. Others have larger sites close to metropolitan centres, and others more remote. So this would be important factors as well in what these sites could potentially be used for in terms of inference or training in AI, and determining the potential.

Another consideration is what deals are struck and the terms. If global data centre demand is expected to continue to outpace the real world supply, then locking in long term deals on today's prices may help with consistent revenue, and relieve the cost burden on GPU purchases but may not be as good terms in 5-10 years. Similarly, operating your own cloud service comes with higher margins/shorter pay back periods but with greater risk on the customer/revenue side and more operational risk in some ways.

So I think that is the current investment thesis/market re-rate playing out. Historically BTC miners needed access to large amounts of cheap, reliable power and they locked up a lot of good sites that have access to this power - with that power available today. Getting access to new power has many years of lead time (~2-3 years from power connection agreement), and the demand for access to power for AI/HPC has been growing faster than supply can keep up. These sites are now getting attention from HyperScalers and CSP's and there is real competition on margins between BTC and HPC/AI. The market likes HPC/AI business model as revenues are more predictable than BTC, and these businesses are then rewarded with higher multiples on these revenues/earnings.

There are pro's and con's with both staying a BTC miner pure play, a hybrid with BTC mining and HPC, or fully pivoting to HPC/AI, with many of the traditional miners somewhere on this curve. Those that stay more pure play miners will continue to see price movement correlated with BTC. Those that pivot more to HPC/AI and are able to be successful here will decouple from BTC and demand higher multiples from the market. And the latter is where I see these traditional miners that are pivoting to HPC/AI hosting outperforming BTC or at least in my mind, having the potential to outperform over different investment horizons.

Hey @SquidInk , appreciate the warm welcome and the detailed breakdown, solid stuff.

Quick one on your disclaimer: you wrote "Held (and excited)". Was that a typo and meant "exited"? Or are you still holding and just a past tense typo? Gave me a double-take ????.

On Cipher, admittedly haven’t done a super deep dive myself, but I’m very active in the Mining Mafia community over on X and regularly jump into Spaces with folks who are really deep in the weeds on these names. The general vibe on CIFR has been positive — they’ve got clean sites, decent power contracts, and yeah, their CEO seems to be guiding towards a deal (or a few) by year-end, which could be a catalyst. They’re not as flashy on Twitter, but people “in the know” seem to respect their execution. Might be worth a closer look now that they’re creeping into the spotlight. That said, it’s already run ~96% over the past month, so it’s probably not the best entry at this point unless someone’s got high conviction on an imminent deal. Could still have room on a re-rate, but would need to model that out properly.

On BITF, I actually tuned into a recent Space with Ben Gagnon, and I have to say, he stood out. Very technical, probably the most technical CEO I’ve heard from in this space. That can be a double-edged sword though: on the one hand, you can tell he really understands the infra, the power dynamics, and the future of compute. On the other, sometimes the messaging gets a bit lost in the weeds, not always great for broader market confidence unless you're deeply embedded in the sector. But he did impress me more than I expected. The pivot to US focus is smart too, friendlier business environment (for now), less geopolitical ("social communism" ????) risk, more institutional interest.

As for IREN, that’s my only hold in this space at the moment. Sitting tight through the next monthly report with some dry powder on the side in case we get a proper retrace. Totally agree with you that IREN (and now CIFR, BITF) have run hot — all-time highs hit multiple times this month, and the RSI was screaming for a cooldown last week - but none eventuated (yet). But I’m still very high conviction on IREN long-term.

I am an engineer by profession and this kind of infra + compute transition makes a lot of sense to me. It’s not just about slapping some GPUs into a warehouse, it’s power density, thermal management, fibre latency, uptime SLAs, AI workloads vs. inference vs. training — a different beast from BTC mining. IREN's management seems to get that. Their vertical integration gives them a big edge — from land acquisition to custom-built DCs. You can tell Dan knows exactly what he wants, and more importantly, he delivers. No fluff.

The market’s rewarding compute players with 15–20x multiples, while BTC miners still get 3-5x, this gap closing is what could lead to generational wealth if the stars align.

Appreciate the thoughtful post. Let’s keep tracking this closely.

Cheers.

Forgot to add a link to a recent article on Bitfarms: https://bitcoinminingstock.io/blog/bitfarms-stock-rallied-72-86-last-week-time-to-re-rate/

Hi @BigStrawbs70

Totally agree with what @SquidInk said. He's been around this space longer than I have, but everything he laid out really lines up with what I’ve been learning over the last few months.

I’m definitely bullish on IREN (not financial advice of course). There’s a lot to like, solid execution, Aussie roots, and a management team that actually delivers. Plus, the community on X is massive and super active, so you can get real-time updates on site builds, GPU installs, all that good stuff. Makes it feel like you're part of it, which is kind of awesome (and yeah, sometimes a bit intense ????).

I'd say do some digging and see what you think. Would like to hear your take once you've looked into it more.

Disclaimer: Holding long-term and adding on dips.

@skaex @lowway @SquidInk @BigStrawbs70

Came across the following this morning so thought I'd share in case you haven't seen.

News Summary

DJ Bitcoin Miners Jump On Iren AI Contract News -- IBD08 Oct 2025 07:14:37

By Harrison Miller

Bitcoin miners charged higher Tuesday as Iren announced new multiyear artificial intelligence cloud contracts.

Cryptocurrency prices dipped late Tuesday as bitcoin eased from record highs.

Iren on Tuesday announced it signed new multiyear cloud services contracts with "leading AI companies" for Nvidia Blackwell graphics processing unit (GPU) deployments. The company in September said it doubled its AI could capacity to 23,000 GPUs, and is on track to reach more than $500 million in annualized run-rate revenue by the end of Q1 2026.

So far, Australia-based Iren secured customer contracts for 11,000 of its 23,000 GPUs, which represents $225 million in AI cloud ARR, which is expected to be in operation by the end of 2025. The company's Nvidia Blackwell GPUs continue to be contracted two years ahead of delivery on average, at pricing that supports about a two-year revenue payback, Iren said.

Beyond the initial 23,000 GPUs, Iren is also engaging with existing and prospective customers. The company's campuses in British Columbia, combined with its Horizon sites 1 & 2 under construction in Texas, have the capacity for more than 100,000 GPUs. Iren also secured 2,910 megawatts (MW) of power and its land portfolio offers "significant expansion potential," the company said.

"Iren is uniquely positioned to meet accelerating demand for AI compute," Co-CEO Daniel Roberts said in the news release, "With nearly 3 GW (gigawatts) of grid-connected power across North America and a cloud services business scaling in size and reputation, we believe IREN is well positioned to scale with the rapid growth in AI compute needs."

The company during its August earnings announced that it had been named an "Nvidia preferred partner."

IREN STOCK, BITCOIN MINERS JUMP

Shares of Iren surged 6.8% Tuesday, extending its record highs. IREN stock has rallied more than 528% so far this year.

Other bitcoin miners involved in AI services also rallied Tuesday.

Bitfarms pared its gain to less than 1% after jumping 6% in early trade. Shares on Monday popped 15%. BITF stock is up 133% year-to-date.

HIVE Digital Technologies advanced 11.3% Tuesday. HIVE stock vaulted 25% on Monday, with a 118% gain in 2025.

BITCOIN HOLDS NEAR RECORD

Meanwhile, bitcoin on Monday set a fresh record high of $126,198, according to CoinMarketCap data, after on Sunday clearing $125,000 to surpass its mid-August peak near $124,500. BTC traded around $122,100 on Tuesday afternoon. The world's top crypto has surged 7% over the past week and pushed its 2025 gain to 31%.

Ethereum traded near $4,500 on Tuesday, marking an 8% advance over the past week. The No. 2 crypto is up almost 35% so far this year.

You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison

View this article at Investors.com

https://www.investors.com/news/bitcoin-miner-iren-stock-ai-cloud-deal-nvidia-hive-bitfarms-bitcoin-record-high/

IREN PART 2:

News Summary

DJ Bitcoin Miners Jump On Iren AI Contract News -- IBD08 Oct 2025 07:14:37

By Harrison Miller

Bitcoin miners charged higher Tuesday as Iren announced new multiyear artificial intelligence cloud contracts.

Cryptocurrency prices dipped late Tuesday as bitcoin eased from record highs.

Iren on Tuesday announced it signed new multiyear cloud services contracts with "leading AI companies" for Nvidia Blackwell graphics processing unit (GPU) deployments. The company in September said it doubled its AI could capacity to 23,000 GPUs, and is on track to reach more than $500 million in annualized run-rate revenue by the end of Q1 2026.

So far, Australia-based Iren secured customer contracts for 11,000 of its 23,000 GPUs, which represents $225 million in AI cloud ARR, which is expected to be in operation by the end of 2025. The company's Nvidia Blackwell GPUs continue to be contracted two years ahead of delivery on average, at pricing that supports about a two-year revenue payback, Iren said.

Beyond the initial 23,000 GPUs, Iren is also engaging with existing and prospective customers. The company's campuses in British Columbia, combined with its Horizon sites 1 & 2 under construction in Texas, have the capacity for more than 100,000 GPUs. Iren also secured 2,910 megawatts (MW) of power and its land portfolio offers "significant expansion potential," the company said.

"Iren is uniquely positioned to meet accelerating demand for AI compute," Co-CEO Daniel Roberts said in the news release, "With nearly 3 GW (gigawatts) of grid-connected power across North America and a cloud services business scaling in size and reputation, we believe IREN is well positioned to scale with the rapid growth in AI compute needs."

The company during its August earnings announced that it had been named an "Nvidia preferred partner."

IREN STOCK, BITCOIN MINERS JUMP

Shares of Iren surged 6.8% Tuesday, extending its record highs. IREN stock has rallied more than 528% so far this year.

Other bitcoin miners involved in AI services also rallied Tuesday.

Bitfarms pared its gain to less than 1% after jumping 6% in early trade. Shares on Monday popped 15%. BITF stock is up 133% year-to-date.

HIVE Digital Technologies advanced 11.3% Tuesday. HIVE stock vaulted 25% on Monday, with a 118% gain in 2025.

BITCOIN HOLDS NEAR RECORD

Meanwhile, bitcoin on Monday set a fresh record high of $126,198, according to CoinMarketCap data, after on Sunday clearing $125,000 to surpass its mid-August peak near $124,500. BTC traded around $122,100 on Tuesday afternoon. The world's top crypto has surged 7% over the past week and pushed its 2025 gain to 31%.

Ethereum traded near $4,500 on Tuesday, marking an 8% advance over the past week. The No. 2 crypto is up almost 35% so far this year.

You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison

View this article at Investors.com

https://www.investors.com/news/bitcoin-miner-iren-stock-ai-cloud-deal-nvidia-hive-bitfarms-bitcoin-record-high/

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This content was created by Investor's Business Daily, which is operated by Dow Jones & Co. IBD is run independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

Thanks @Jimmy

It's fascinating reading and seeing how all this plays out. After all, when the Magnificent 7 have roles with titles like 'Head of Energy,' you can see how important they see getting power into their current and planned new data centres, so leveraging those folks who already have compute and power contracts makes so much sense.

As touched on, it is fascinating to watch as power prices in the States are likely to go through the roof in the coming period as there is just not enough of it. I tried to find the article but had no luck, but it even mentioned that land where there are lakes on mountains is being purchased, along with the land around nuclear power plants that may come back online, to reduce transmission costs.

Luckily, Australia has priced our electricity prices to extreme levels (not a political statement, both sides have done this) so that we just can't compete in this brave new world [hopefully the sarcasm came through] ... but, as touched on, maybe even the States can't for much longer? The initial race for processing power, which is still live and well, is rapidly turning into a race for power generate and storage!

We are not in Kansas anymore..

@BigStrawbs70 Thanks to you (meant in the friendliest way possible), I've currently got an order in for a small initial position and what's more you're correct when you say it's a fascinating space atm and moving at some speed.

I've been changing things up in my RL portfolio by way of adding or increasing the likes of: AGL, DGT, GXAI, VBTC and of course EREN (amongst others) as I figure I needed more cover around the AI and BTC scene.

I'm now starting to look for companies with or about to have cooling technology such as DUG and AHL. If you know of others I'd welcome a "heads up"

So far so good but I guess time will tell if the path I've taken proves to be the correct one.

Thanks for raising again @Jimmy

It has certainly been on a tear with the re-rate and power thematic. I think that another interesting sign is the convertible note they just closed.

Significant capital, 0% coupon, with a 42.5% conversion price which factoring in cap calls raising the price to around $120.

That says to me the market has some faith in the business going forward, or there is just too much money with far too few homes to go too.

I think we need to see continued contracts coming in. The 225M they announced is good, and should cover the two year payback on the GPU's, but I think them demonstrating in the next few months more contracts to hit >500M ARR on these GPU purchases would be another good signal they can convert the perceived demand.

There are a lot of potential catalysts but it seems they are on a good track if they can continue to execute and demonstrate the margins.

Given the current run and my already overweight position now, I have stopped adding temporarily (may regret this). Will review in one more month when the dust settles a little bit. Would not surprise me if the momentum continues given the convertible was >5 times over subscribed.

Disclosure: Holding for long term

Thanks @Jimmy, @SquidInk & @BigStrawbs70.

It's really encouraging to see quite a few investors interested in the BTC/AI/HPC space, especially with IREN. While I'm relatively new to these stocks, I've spent quite a bit of time researching both IREN and CIFR before jumping in (and admittedly, missed some solid buying opportunities along the way). That said, I’m very bullish on both in the long term.

There's a passionate community on X (Mining Mafia) that posts about IREN (mostly) and CIFR multiple times a day. These guys are fully committed, regularly gather satellite imagery, and hold live discussions with industry insiders. Recently, they had Tyler Page, CEO of CIFR, and often bring in Mike Alfred, an independent NED for IREN. The amount of research and updates coming from this community is incredible, and it can be tough to keep up with it all. I highly recommend checking it out if you haven't already.

I could share a lot of the key takeaways from those conversations, but it’s tough to do it justice in a single post. One thing that's clear is that IREN's management has consistently delivered on their promises, which only strengthens my confidence in both IREN and CIFR over the next 3-5 years. I’m happy to hold and look to add on any dips.

I do spend a lot of time in this space, so I might be a bit biased (though I feel the same way about BTC, where I’ve increased my exposure over time from 1% to 5% to 10%, and now I’m at 60%). But that’s just my personal take, and not financial advice.

Disclosure: Holding both IREN and CIFR for the long term, and BTC for the foreseeable future. :)

Don't think cooling is the main constraint. Seems to be all about power now for data centres these days to power up AI workloads.

Unless you have power, you can't build out and turn on a data centre fully and the cooling that goes with it.. Power is the main premise of the bear case for AI.

I've only got ORG for power as I like their investment in Kraken and the dividend. Although ORG seems to move on the whims of the oil price for strange reason possibly due to their exposure to gas. Wish I bought more on the weakness earlier this year.

Here's a bear case on IREN from Jim Chanos which puts things in perspective

There are some saying that some of his assumed inputs and calculations are not correct.

Thanks for posting this @edgescape - always good to have a bear case presented to challenge the narrative.

I have gone through the calculations a few times now, and it does seems that there are some false assumptions or missing value in his model, but it does highlight a few things, particularly execution risk that IREN take on with this contract. Personally, my calculations are more bullish - however, I am keen to get some more direct commentary on this from the Earnings Call they have in the next couple of hours on how they plan to finance, timing of investments etc.

i will post the link to the earnings call in a bit for anyone who may have some interest.

One thing that probably highlights my own bias is trust in the management. They are all ex-Mac Bank alum, who have specifically chosen to leave to build this business (not forced out the door), and I struggle to understand how they would be so wrong on the economics of such a deal. This is something I have probably been too reliant on, so will have to challenge this assumption with the outcome of earnings call.

Despite some of the AI bubble chat, and some of the bear cases, I still remain bullish on IREN. Hopefully earnings call can provide more clarity on some of the modelling and assumptions.

Thanks again for posting - and if you see more bear cases, please post them so I can challenge my own biases.

Thanks for the "heads up" on this @skaex I'd never heard of these guy's....sounds very interesting and you've certainly prompted me to take a deeper dive....cheers....

FWIW (a very biased view) - I have been invested in this company for 5 years. Many highs and lows along the way, but been continuing to add to this day.

The founders and team involved are all ex-Mac Bank, and extremely impressive operators. In nearly all cases have exceeded and delivered in advance of aggressive growth ambitions on Bitcoin mining side.

definitely worth the time investing in a deep dive. Some extremely good analysis, due diligence and debate on X - Umbisam, Frans Bakker and Agrippa Investments, with some more recent takes from Eric Jackson and Andrew Wilkinson.

Not an investment without its hairs, but worth a few hours of DD. IMHO

Held and Adding

My pleasure @Jimmy . I've been on Spaces and podcasts about IREN for the last couple of weeks. There is a lot to take in...exciting times.

Thanks, @SquidInk, for sharing your experience. It looks like they're heading in the right direction, which is definitely a positive.

I've been on Spaces with Mike Alfred in the last couple of weeks — quite a character, but also on IREN's board. Kash Ramki recently had Andrew Wilkinson on to talk about IREN; the recording is still available on X.

Honestly, I never thought I’d be interested in a BTC miner/AI compute infrastructure play, but this feels like a very unique opportunity. I can still hear Andrew saying, “There are many ways to profit from the AI boom, but my favorite is IREN. I rarely buy stocks.”

I will add a small parcel to my portfolio this week.

Oh wow - I will need to listen to that spaces. There have been quite a few spaces that have picked up more recently. Do you have the link?

Mike Alfred is quite a strong character indeed from what I have heard. Also on X, but if you can look through some of the noise he has some quite good signal. Also heard he pulls no punches as director with the IREN crew.

Also there are some podcasts - like power mining analysis which provide some interesting insights.

Definitely an interesting space they are operating in. Unfortunate BTC miners have been on the nose for the last few years with investors/Wall Street, but seems they are well positioned for a re-rate if they can execute on their HPC/AI plans.

@SquidInk this is the link to Space with Andrew Wilkinson: https://x.com/i/spaces/1ynJOlqMvryxR/peek. If it doesn't work, just search for @KashRamki on X, it is his last post.

Mike is very entertaining. He hosts ad-hoc Spaces, but rarely records them.