IREN Co-CEO: Bitcoin Is Gold 2.0 and Right Now It Is ‘Just Building Its Track Record’

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As a seasoned researcher with a keen interest in the intersection of technology, sustainability, and finance, I find Dan Roberts’ approach to Bitcoin mining and AI integration at IREN truly inspiring. His vision to address the growing demands of the digital world by leveraging renewable energy resources is not only innovative but also crucial for our planet’s future.

On August 30th, Dan Roberts, the co-founder and co-CEO of IREN (previously known as Iris Energy), shared details about their unique strategy for merging AI with Bitcoin mining during an interview on CNBC’s “Closing Bell Overtime.” He emphasized that IREN is utilizing its substantial data center resources, which run entirely on renewable energy, not only for Bitcoin mining but also to educate AI models using Nvidia chips.

Initially, Roberts highlighted that although Bitcoin mining serves as the main objective for IREN, the organization was established with a more expansive purpose: to tackle the escalating needs of the digital realm. This encompasses not only cryptocurrency mining but also fostering other high-powered computing applications like AI. He disclosed that IREN is simultaneously conducting Bitcoin mining and utilizing Nvidia chips in their data centers for AI model training. This multi-functional utilization of their resources demonstrates the company’s approach to expand and capitalize on its substantial assets.

Roberts highlighted one crucial aspect of his discussion: IREN’s collaboration with Morgan Stanley to investigate prospects in the artificial intelligence (AI) data center market. While he didn’t reveal exact details, he did mention that IREN is negotiating with potential allies to broaden their presence within the AI sector. He underscored the magnitude of IREN’s activities, pointing out that they have acquired 2,300 megawatts of power and land, which surpasses the total capacity of all data centers in Silicon Valley and San Jose combined. He is confident that this expansive capacity places IREN at the forefront as a significant actor in both the Bitcoin mining and AI industries.

Roberts additionally emphasized IREN’s dedication towards sustainability, stating that they solely rely on 100% renewable energy sources. Not only does IREN harness clean energy, but their operations in energy markets also aid in resolving public market issues. For instance, in Texas, a significant portion of their power comes from, IREN can swiftly adjust to high electricity prices by reducing their computing activities. Essentially, IREN functions like a “demand-side battery,” returning excess energy to the grid during peak usage, which ultimately benefits consumers.

When queried about the present condition and future prospects of the Bitcoin mining landscape as well as Bitcoin itself, Roberts expressed an upbeat viewpoint. He conceded that Bitcoin exhibits volatility but contended that this instability is essential for an asset that has escalated from nothing to surpass a trillion dollars in worth over just 15 years. Roberts likened Bitcoin to “Gold Version 2.0,” highlighting its scarcity, resilience, and transferability, asserting that these characteristics make it a more effective form of value storage. He speculated that if Bitcoin’s market capitalization approached that of gold, its worth could potentially reach $1 million per Bitcoin.

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2024-08-31 21:48