Cryptocurrency miner IREN hit a new revenue high of $501 million, thanks in part to a deal with Nvidia that boosted their stock price.
In the ever-evolving tech landscape, one company stands out for its innovative approach to growth and sustainability - IREN, an Australian Bitcoin miner. The company's financial year of 2021 was its most successful yet, recording $501 million in revenue and $176.9 million in net income.
IREN's strategic expansion is driven by a focus on scale and power efficiency, key factors that help it remain competitive in the tech industry. The company anticipates growing its GPU count to an impressive 10,900 by December 2025, a move that is expected to generate annualized AI revenue of $200-250 million.
This growth is not limited to the Bitcoin mining operations alone. IREN's AI operations are designed to complement its mining business, minimizing energy consumption and operational costs. The company's AI cloud business leases GPU power to customers for machine learning, training massive language models, and processing other high-performance AI jobs.
IREN's success in combining classical mining with AI cloud products is attracting attention from other miners. Its strategy aims to capture a significant portion of the AI computing market while maintaining its leadership in the cryptocurrency mining sector.
To further boost its AI capabilities, IREN has formed a strategic partnership with tech giant Nvidia. In June 2025, the company announced that it had become a preferred partner of Nvidia, granting it direct access to the latest hardware. This partnership is part of a Series B funding round and recognition of IREN's accelerated big data analytics and AI workloads APU technology.
As IREN expands its reach to benefit from the growing demand for AI infrastructure, it offers a model that other miners can emulate in their pursuit of growth and sustainability. The company's financial status and diverse portfolios are key factors in its expansion, positioning it well for continued success in the years to come.
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