Bernstein: Iris Energy has planned most of the Childress mine land for expanding Bitcoin mining operations
Culper Research previously released a short-selling report, pointing out that the Bitcoin mining company Iris Energy's factory in Childress, Texas is not suitable for artificial intelligence (AI) or high-performance computing (HPC), and subsequently, the stock price of Iris Energy (IREN) fell nearly 14% yesterday. However, brokerage firm Bernstein stated in a research report that the company has used most of the planned expansion of the site for Bitcoin (BTC) mining, and the existing power and data center infrastructure there is very suitable for this purpose. Analyst Gautam Chhugani wrote: "Iris Energy did not claim to intend to transform its Bitcoin mining site in Childress into artificial intelligence." Bernstein estimates that 65% of the company's value comes from Bitcoin mining, and the remaining 35% comes from AI/HPC. Bernstein also stated that they completely disagree with the view that mining activity is worthless, and Iris Energy's potential AI advantages mainly come from the 1.4 megawatt West Texas site with power interconnection, with opportunities for monetizing land and power supply.
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