Bernstein expects IREN to phase out BTC mining by year-end and pivot to AI

Bernstein expects IREN, which is shifting from Bitcoin mining to AI infrastructure, to generate $17 billion in annual AI cloud revenue by 2030, The Block reported. According to the report, Bernstein said IREN is converting its Bitcoin mining infrastructure into AI data center and cloud operations and is expected to gradually wind down its Bitcoin mining business by the end of this year while focusing on AI cloud services. Bernstein added that IREN’s pricing for three-year AI cloud contracts has risen about 125% since November last year amid stronger demand for AI computing, with expanded cloud capacity and higher contract prices seen driving future revenue growth.