IREN ($IREN), formerly known as Iris Energy, is accelerating a strategic pivot away from Bitcoin (BTC) mining as it seeks to reposition itself as an AI cloud and high-performance computing (HPC) infrastructure provider—a shift that underscores how compute demand and power access are becoming the new battlegrounds for energy-intensive digital businesses. The company said it expects its ongoing build-out to support roughly $3.7 billion in annualized AI cloud revenue once key projects are completed.
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