Summary
TLDR: British Columbia-based Bitcoin mining firm IREN’s stock price surged ahead of the Bitcoin halving after announcing fully funded expansion plans to double computer fleet power. Shares rose 19% to $6.42 per share, with capacity set to increase from 8 EH/s to 20 EH/s. Company holds $300 million in cash with no debt, expects annualized hardware profit of $269 million at full capacity. Market cap currently at $672.5 million.
Key Points
1. IREN’s stock price is surging ahead of the Bitcoin halving, and the company has fully funded its 2024 expansion plans to double its computer fleet’s power for Bitcoin mining.
2. IREN’s mining capacity will increase from 8 EH/s to 20 EH/s over the next nine months, and its data center capacity will more than double from 220 MW to 460 MW this year.
3. Shares for IREN rose 19% on Monday to $6.42 per share, reaching the highest price since February. The company holds $300 million in cash with no debt, providing a cushion for market turbulence.