Iris Energy Ltd (NASDAQ: IREN), a leading owner and operator of institutional-grade Bitcoin mining and AI/HPC data centers, witnessed a 5.09% surge in its stock price on Friday, December 6th, 2024. This upswing can be attributed to the company's encouraging November 2024 investor update, which highlighted its significant progress across multiple fronts.
On the Bitcoin mining front, Iris Energy reported mining 379 Bitcoins during November, despite a slight decrease from the previous month. Remarkably, the company's average operating hashrate reached 19.7 EH/s, and it aims to accelerate its capacity to 50 EH/s by the first half of 2025. This expansion is facilitated by the ongoing construction of additional data center facilities in Childress, Texas, which will provide a substantial 300 MW of capacity.
Furthermore, Iris Energy is actively diversifying into the burgeoning Artificial Intelligence (AI) and High-Performance Computing (HPC) markets. The company has installed an NVIDIA H200 GPU cluster for customer testing and is advancing negotiations for additional AI opportunities. This strategic move positions Iris Energy to capitalize on the growing demand for AI and HPC solutions, further bolstering its growth prospects.
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