Bernstein: Iris Energy has planned most of the land at the Childress site for the expansion of Bitcoin mining

2024-07-12 17:25:30

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ChainCatcher news, according to CoinDesk, previously Culper Research released a short-selling report, stating that the Bitcoin mining company Iris Energy's plant in Childress, Texas, is unsuitable for artificial intelligence or high-performance computing, leading to a nearly 14% drop in Iris Energy (IREN) stock price yesterday.

Brokerage firm Bernstein stated in a research report that the company has allocated most of the planned expansion at the site for Bitcoin (BTC) mining, and the existing power and data center infrastructure there is very suitable for this purpose. Analysts led by Gautam Chhugani wrote, "Iris Energy has not claimed any intention to convert its Bitcoin mining site in Childress for artificial intelligence."

Bernstein estimates that 65% of the company's value comes from Bitcoin mining, while the remaining 35% comes from AI/HPC. The company's valuation is consistent with other Bitcoin mining companies like CleanSpark (CLSK) and Marathon Digital (MARA), whose entire valuations are driven by mining.

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