IREN Deep Dive: Profitable Bitcoin Mining Powering AI Infrastructure

By Peter Foy July 9, 2025 19 min read 39558 views

IREN is a Bitcoin miner funding its own pivot into AI infrastructure. With 2.75 GW of power already secured and buildouts underway, the stock may be priced like a miner — but it’s building like a cloud provider.

IREN Deep Dive: Profitable Bitcoin Mining Powering AI Infrastructure
Table of Contents
The Power Delivery GapReport
Research

The Power Delivery Gap

The interconnection queue holds more than 1,100 GW of power. The grid delivers renewables quickly and firm gas slowly, if at all. A model of what the US grid can actually deliver, and when, built on MLQ's queue and generator data.

No spam. Unsubscribe anytime.