Key Updates:

• IREN is postponing its plans for bitcoin mining expansion.
• The company will now prioritize enhancing its AI service operations.

Australia-based bitcoin miner IREN is shifting its strategic focus from BTC mining towards the development of AI data centers and cloud services.

“As we near completion of our 50 EH/s mining expansion, our focus is shifting to the next phase of growth and delivering scalable infrastructure for AI and high-performance computing,” said co-founder and CEO Daniel Roberts in a Monday business update.

Once the mining expansion is completed at 52 EH/s, it is anticipated to yield $528 million in annual cash flow for the company, with current capabilities set at 35 EH/s and completion expected shortly.

IREN shares have seen a premarket dip of 2.1%.