Bitcoin News Today | Bitcoin Stock to Watch Right Now | IREN AI & HPC Growth | IREN
hey guys welcome or welcome back to the
channel MCN money the new home of power
mining analysis in today’s episode we’re
going to be joined by the chief
commercial Officer Ken Draper from Iron
to give us an update on their self-
mining capacity their expansion plans up
to 20x aash their current ATM program
and expansion into HPC and AI verticals
we’ve got a lot to go through in today’s
presentation but before we do please
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being said let’s get into today’s
[Music]
interview okay guys so that’s right
today’s video we’ve got Kent Draper he’s
the Chief commercial officer for iron
now iron is a company we’ve been
covering quite some time on the channel
we’ve had the CEO Daniel Roberts on a
few times so Kent and I are going to do
our best today uh to try and to try and
beat those views aren’t we Kent but we
appreciate your time here today and
special interest for this episode you
guys is really focused on the HPC AI
component of iron which is actually uh
the portion of this organization that
Kent heads up so Kent thanks so much for
being here we really appreciate your
time today
yeah thanks pleasure to be here and
looking forward to the conversation most
definitely so this is actually your
first time on the channel as mentioned
we’ve covered iron for quite some time
but uh Kent is new to the channel so
before we get into the AI component here
I know we have some questions about ATM
as well uh K can we get a quick
background on yourself and how you ended
up with
iron yeah sure so my my background’s
actually in in institutional
infrastructure management and banking
uh and that is the the history of a
number of our um key executive group as
well as Dan and Will Roberts the the two
Founders um so I’d done some work with
Dan previously uh when I was in banking
advising in him on uh some
transactions um so I’ve got a a long
history in infrastructure and
particularly power and Renewables and
obviously we’re at kind of that
intersection uh between the the two uh
as well as marrying that up with the the
technology side um both on Bitcoin
mining and the AI HPC operations of the
business gotcha yeah I want to get into
that aih HPC uh because that’s really
become a real focal point for iron
especially with this poolside contract
and all the news there but before we do
we’ve got a couple quick uh updates on
the ATM program you guys have in Flight
right now so the first one is uh in
terms of completion date k for the
current ATM do you guys have a timeline
or an expected timeline to complete
this uh we we don’t necessarily have an
expected timeline uh when we’re going to
utilize the the remaining
capacity um so our our last uh reporting
date at March 29th we had just under 170
million of capacity left uh under the
ATM um we’ve already announced uh which
I’m sure many of your viewers will be
aware an expansion of our Bitcoin mining
activities out to 20 xash um and that’ll
include data center expansion out to 460
megawatts um and that expansion both in
terms of the hardware that’s required
and the data centers that is fully
funded out of um the ATM proceeds and
cash on balance sheet that that we’ve
already drawn um so that remaining
capacity under the ATM that I mentioned
just under 170 million that is all
available for
additional uh growth initiatives over
and above that expansion to the 20x aash
okay great that was actually going to be
my follow-up that was a subscriber
question so just so I’m clear uh what
you guys have used of the current ATM
program up until that last reporting
period that will cover the expansion
hardware and Facilities to 20x aash the
remaining 170 million can can or will be
used for additional things if
needed yeah that that’s exactly right
gives us flexibility to pursue you know
a number of other growth initiatives
whether that’s in Bitcoin mining or now
also with our Ai and HPC cloud services
business uh potential expansion there so
you know it’s G gives us a great deal of
flexibility uh in terms of being able to
to pursue numerous things moving
forwards yeah that’s actually quite
exciting and I think honestly a lot of
people were thinking we would need that
full ATM to get up to to the 20x ahash
so that’s great to hear that that that
was fully funded and this is additional
flexibility or leverage uh or a lever I
guess I should say down the road if
needed now you mentioned that the aih
HPC so this is another area I think the
next eight questions or something Kent
are HPC focused um to start off with
because you’re kind of the expert at
iron on this subject can you give us
your outlook on this space over the next
couple of years we’ve seen a lot of the
miners specifically kind of the mid-tier
miners get involved with HPC they’re
talking about the margins the excitement
the potential of this space uh We’ve now
even seen core scientific which is one
of kind of the top producers in terms of
Bitcoin per day enter this space Anthony
and I feel there must be something very
lucrative if all of you guys are wanting
to get involved here what is so
lucrative about
HPC yes I think there’s a a couple of
aspects to it I mean everybody unless
you’ve had your head buried in the sand
you everyone will be aware of of the
news over the last 12 18 months uh and
the enormous initial growth uh of of um
HPC and generative AI in particular and
obviously you you’ve had some of those
key early initiatives with Chad GPT that
really brought this to the Public’s
attention um but we we’re really just
scratching the the surface even with the
enormous growth that we’ve seen over the
last 12 to 18 months
um we think this is going to be a
transformative uh thing that will
revolutionize you know many aspects of
of
society um and in doing so it’s going to
require incredible amounts of of
computing power um so that that is of
particular interest for us for for a
couple of reasons um you know we have
built up uh a a very large pipeline of
land and availability of power um within
our
portfolio uh so we have a a site down in
Texas um where we’re currently expanding
our Data Center capacity quite
significantly this year we still have a
significant amount of land and power
available at that site um as well as
further connection agreements uh in
other sites in our portfolio totaling
well over a gwatt worth of of power um
so that side of it is is particularly
exciting to us because you you get some
of these uh you know public
pronouncements like Michael Dell um for
example who said that AI may drive up
data center Demand by 100x in the next
10 years um and so our our positioning
there with a lot of access to land and
power we think is is very exciting you
know whenever you get these digital
technologies that can grow
exponentially you you still need to be
able to service them using real world
infrastructure and so we see an enormous
uh opportunity for us there particularly
because everything we’ve done over the
last four years has been refining um
data centers that perform extremely well
for power ense Computing you know that
that is our core application we’re not
doing a a range of traditional data
center uh you know style builds this is
purely focused on powered D compute
um and so our position with land and
power and expertise in power dense
Computing we think is very uh attractive
on the on the data center side and then
more recently um with our expansion into
AI cloud services that’s actually where
we operate the the G or or own the
gpus um and offer the raw computing
power out as a service so that’s the
other way that um we’re looking to play
this trend end um and that side of the
business we also think is enormously
exciting um we will uh we’ve already
tripled since our initial cluster the
amount of capacity that we have online
uh and we we’ll look to continue to grow
that that piece of the business going
forwards um but you know certainly we
we’ll do it in a in a manner where we’re
growing it gradually um we’re doing it
sensibly but you I think the um over the
short to medium term the amount of
interest that we’re seeing on the
customer side is is huge yeah we’ve
talked to a few of the CEOs including
Sam tabar at bit digital and he said a
lot of the well all of the interest for
their organization has been inbound up
until this point are you finding similar
uh type of thing Kent with with the uh
relationships you guys are forging here
yeah it’s it’s both a mix of of inbound
and outbound I’d say in relation to the
land and power there is a lot of inbound
um interest on that side I think a lot
of people have been caught by surprise
um given how quickly the generative AI
space is growing uh and you know many
many players in the industry had their
own forecasts that they generated for
requirements for data center space and I
think they’ve all been blown out of the
water um by the by the growth in this
industry and so you know certainly on
that side of things we see a lot of uh a
lot of reverse inquiries and then in
relation to cloud services it’s a mix of
reverse inquiries and and
outbound um but as as I said before we
are still seeing uh very good interest
on the customer side um and in
particular you know there are a number
of customers that are looking for multi
GPU deployment so you know that is
significantly interesting because each
th000 gpus is a is a if you’re looking
at h100s to use an
example from Nvidia that’s a $40 million
capital investment so you know customers
of that size um it can really facilitate
uh a lot of capital deployment over
relatively short periods of time gotcha
so Kent I want to get into some of these
agreements specifically poolside answer
to talk about where we draw the line
between a Bitcoin mining company and an
HPC infrastructure compute company
but before we do one of the question
this is from a subscriber as well but
this is one that I’ve been wondering
personally how do you got like yourself
iron and the Bitcoin mining companies in
general differentiate your product and
draw in customers when you’re competing
with giants like Amazon web service and
and obviously Google cloud and things
like that is it just that there’s this
overwhelming demand you speak of and
there’s there’s not enough providers to
go around or there actual benefits maybe
agility or size of contract or something
like that that these large scale
provider the Blue Chips aren’t able to
offer yeah I I think look there is
certainly I think a decent amount of
demand but there is actually quite a
level of differentiation within the
segment that I don’t think people are
necessarily aware of um and there are a
number specifically where we feel like
we’re actually very well placed um
relative to some of the larger
hyperscale providers that you mentioned
um so in particular all of our Data
Center capacity as I mentioned earlier
is is custom designed specifically for
these power dense purposes and because
it’s fit for purpose infrastructure that
doesn’t have to perform you know 20
different
functions um we can actually make it
much more cost effective um and so we’re
able to offer these Cloud Computing
Services at a pricing level um that is
significantly lower than some of the
major hyperscalers and you know to give
you a tangible example of that you know
somebody could buy cloud computing from
us for a year and if they spent the same
amount of money with a hyperscaler they
might get two or three months worth of
cloud uh Computing service so especially
for these um AI startups that are
raising Capital um and deploying most of
their capital all into into compute you
it’s very important for them that
they’re they’re getting value for money
and that’s one of the things that we
we’re able to offer um another area
where we think we’re differentiated is
because all of this um Cloud uh compute
is being hosted in our own data centers
we can actually offer a higher level of
customer service uh to people um many of
the other cloud services providers are
using collocation
uh services so it’s not their own Data
Center capacity and that means whenever
they get an issue from their end
customer that comes in they effectively
get on the phone they have to call the
data center company and so they’re just
acting as a middle man which means all
uh issues take longer to get resolved
and the data centers aren’t necessarily
always incentivized to uh address issues
as quickly as possible whereas for us
these are our data centers it’s our own
staff they’re there
247 we can respond to um customer
requests very quickly um and because it
is a core Focus for our business we are
highly focused on customer service
levels um so those are a couple of
examples where we can actually
differentiate our our service compared
to some of the hypers scalers sure that
makes sense to me and and a followup on
that one around profitability so this is
another question mark in my head uh Kent
is we’ve we’ve heard about the very
lucrative margins associated with HPC
and obviously that the build out on
these data centers is is more Capital
intensive there’s also higher
requirements for uptime and things like
that which make sense to to uh lead into
those margins now my question is about
The Upfront capex a lot of these
contracts from my understanding are kind
of uh one-offs or custom designed for
the client how Capital intent of are
these upfront and what is the estimated
payback period or time until
profitability um compared to maybe
investing in mining rigs or something
like
that yeah so as I mentioned to you
earlier if there’s a thousand uh unit
GPU cluster um using Nvidia h100s that’s
around a $40 million Capital commitment
um today uh so you know the the level
obviously depends on on the size of the
cluster um and the customer interest as
to you know how much Capital you can
deploy but we are not constrained by
data center space on ourside the um
amount of electricity that these gpus
use on a on a dollar per megawatt basis
is is relatively low um and so you know
we can fit tens of thousands of these
gpus into each one of our um facilities
without an issue um so you know the the
capital requirements will vary with
customers but you know it is significant
on the hardware side um in terms of the
payback periods you know varies um the
shorter term contracts with customers
tend to be a little bit more lucrative
on a on a dollars per GPU basis um but
typically we’re seeing payback periods
on on average uh around two years um for
these gpus
um and the useful life of them I mean it
will extend you know as long as you want
you know if you’re looking after them
and as I said our facilities are a
custom built to make sure that we are
operating this equipment in the most
optimal environment so you know we uh
continue to see uh or expect after that
initial two-year payback period ongoing
stream of of cash flows over many
years sure uh I’m glad you got into kind
of the life expectancy so let’s take
those Nvidia uh 100 gpus for example
Kent um you’re saying kind of the life
expectancy would go out quite a while
after the 2-year payback period we’ve
seen in the mining space the s19 s19 pro
the S21 S21 Pro we’ve seen quite short
lifetime for a lot of these uh Hardware
units is that different on the aih HPC
front just because of how complex these
clusters are and um I use the term dense
compute it does it take longer to
develop new chips on this
side yeah I mean there there are chips
uh new Chips coming out on a somewhat
similar time cycle to to what we’ve seen
with asex so you know typically every
two years uh there there’s a new chip
that comes out but it does take some
time to get into commercial production
and be you know seen at
Material uh volumes within the industry
um and then e even uh with the new Chips
coming online we’ve continued to see uh
uses for older chips so if you look to
the the last generation from Nvidia for
example the a100 those are still used
very extensively throughout the industry
um sometimes what you see is a is a
slight change in use uh and what I mean
by that is often for training models
people want to be using the the newest
best uh GPU because it means they can
train their model in the fastest way
possible um and speed to market for many
of these AI startups is you know
something they view as vitally important
so if they can use the newest technology
and half uh the the period of time to
train the model that’s of interest to
them but once you get into the inference
stage um which is you know more akin to
the ongoing search queries that you know
you would put into chat
GPT um when you when you’re looking for
feedback um those are are often it may
be more cost effective to run them using
an older model of GPU so you know we we
think that the overall level of compute
that is required for AI and HPC is going
to continue to go up uh and because of
that you know we we do see a long
operating life cycle for all of these G
gpus even when a newer GPU unit comes
out sure yeah I can definitely see why
you guys are excited about this area and
I suppose on the mining front and the
GPU front the newer models are obviously
going to be more compact more efficient
they’ll probably take up less space in
your data center um so on the one side
yeah you may need to upgrade down the
road on the other side uh it’ll help out
in terms of square footage and footprint
in the data centers I suppose
aen yeah exactly that that that’s
exactly right um so you know we we’re
excited about the newer Technologies
coming out because our facilities right
now are actually able to handle well in
excess of the current uh crop of gpus so
if you look at Nvidia h100s for
example um the Nvidia reference
architecture you need about 40 to 45
kilow per rack um of power density uh
we’re currently doing um over 70 Kow Ira
uh within our existing facilities um so
you know we we’re very excited by the
upcoming GPU releases because our um our
data center facilities will be able to
accommodate uh even the newer types of
gpus with very little modification on
our side um and that is what one of the
advantages as well of of having your own
data center
infrastructure um is we can actually
bring online this capacity far more
quickly than other providers that have
to go out and Source collocation space
every time they they want to uh get a
new cluster up and running for a
customer um so with us it’s a a process
of about 6 to8 weeks um to to do the
minor modifications that are required
for these AI
servers um and that means we can Ser as
customer requirements in a in a much
faster manner than many of the other
providers out there uh who are telling
customers that it’s a 6 to 9 month you
know wait until they can get access to
to cloud computing uh whereas with us
it’s you know two months gotcha and I
guess that would be another key point of
differentiation with with the big
players as well right is the the
hyperscalers just don’t have that
agility to to wind up or down now um
Kent I want to talk about the poolside
agreement specifically I was going to
ask obviously they’ve upsized they’ve
extended I thought it would be a good
idea to talk about some of the these
other questions first just to paint the
picture of what you guys offer probably
makes a lot more sense now why they’ve
wanted to upsize and extend the
agreement what does this poolside
agreement represent to the company I
know this is kind of the flagship
partnership uh what does this mean to
iron and where do you see this one
going yeah so P paide was our very first
customer in the the AI cloud services
segment um we had purchased an initial
cluster of 248 Nvidia h100
gpus uh and they signed up for the
entire uh cluster for an initial 3mon
term uh I think it’s fair to say that
they’ve been extremely happy with the
performance of of the cluster uh you
know they’ve told us on a number of
occasions that it is um one of the best
performing clusters uh that they have
within their business um and they are
using multiple uh different cloud
service providers so that was extremely
favorable feedback from them um and
actually at the the recent Nvidia
GTC uh conference their CTO hopped up uh
unprompted on stage with Dan Roberts our
CEO um to to sing our appraises both
from a reliability performance and um
customer service standpoint um so that
that’s been you know extremely helpful
for us um that that they’ve been out
there saying good things about us and
more than just just saying it um they’ve
actually put their money where where
their mouth is so to speak and recently
doubled um the size of of the cluster
that uh that they’re utilizing with us
um and also extended and lengthened the
the contract um so you know they’re now
operating under a a larger four-month
contract um so extremely exciting for us
for for those people that don’t know um
they’re a major play
uh within AI they’re working on a text
to coding uh model so you can basically
give text prompts and um the idea is uh
that it will do the coding for you so
it’s really the aim is to democratize
coding uh and we think that you know
they’re going to be uh a very fast
growing company as we move forward and
obviously we hope to continue to expand
with them over time excellent and
there’s no ownership stake or equity at
all with pool Sid as part of this
agreement is there no no it’s just a
true uh third party customer style
agreement where they’re they’re buying
those Cloud Computing Services from us
sure and it’s great to hear it’s a
win-win really not only on the financial
side that they’re extending this
agreement but also that they’re singing
your Praises like that Kent and you
mentioned the vertical integration I
think it’s clear in the Bitcoin mining
world at least between asset light and
vertical integration you want to be
vertically integrated we’ve seen even
Marathon who was for a long time on the
asset light side of the spectrum they’ve
uh kind of switched over and and are now
um the vertically integrated and you
mentioned the customer service the white
glove experience you’re exactly right it
people take care of stuff they own more
than stuff they’re they’re renting or if
machines go down or whatever the case is
so I think that’s definitely a key point
of differentiation especially if these
clients are going out now um in these
kind of settings and saying how great
iron is
he yeah absolutely you know that’s uh
that’s been extremely beneficial for our
business have those customer
testimonials out there um and to come
back to your point on on vertical
integration I mean yes we it’s always
been a key part uh of our business from
day one and um one of the reasons for
that is that we always have had in mind
different use cases for this data center
infrastructure um so every everything
we’ve done uh has been focused on giving
us the maximum um operational
flexibility um and the highest level of
of security as it relates to access to
power land Etc um because we we’ve
always thought that these you know data
centers were were going to have huge
uses outside of just Bitcoin mining and
obviously it’s been uh very nice over
the past 12 12 to 18 months to have that
proved out um but you know even as long
long ago as four years uh where we
signed anou Adell to explore AI
technology um we’ve always been been
looking into these various other use
cases but the market just wasn’t really
there from a size perspective to make it
commercially viable for us but you know
that that has obviously changed um and I
think one of the other things with
vertical integration aside from what I
mentioned one of the other benefits is
it gives you the ability to scale on
your own time frame um and that is
always extremely difficult when you’re
trying to do it through a collocation
model because every time you want to
expand you have to go out and find
additional data center space um whereas
we’re able to to control the speed of
our own own
buildout yeah we were actually talking
about that on a podcast with Anthony the
other day we’re hearing all these
extravagant ex ahash targets for the uh
self- mining or proprietary mining side
of the businesses and what we thought
was so great about iron strategy is you
guys already have everything in place
you have the it’s just a matter of
expanding what you’ve already got you
don’t actually have to go out and search
for these and from my uh experience and
and discussions it’s getting pretty
difficult at least in the United States
specifically in Texas to find areas
where there’s good access um there’s
land there’s skilled resources there’s
power they’re not easy to come by is
that accurate these days Ken yeah
absolutely I think it’s it’s one of the
things that we’re constantly hearing
across the industry both on on the
Bitcoin mining side and and now more
generally in the AI HPC side is people
are finding it difficult to get access
to this power dense data center
infrastructure and then more generally
land and and power um so for us it’s
it’s always been part of our thesis is
building out that that development
Pipeline and making sure that we have
inbuilt optionality and
flexibility um and I think if you look
at our current expansion to the 20x aash
you know that’s really been proved out
as I mentioned earlier you we’ve already
fully funded that with um cash that’s on
the balance sheet today and um now for
us because we have the land and power
access already it just becomes an
execution uh an execution issue for us
is getting this data center Capac built
and I think we’ve established a you know
very strong track record in in being
able to get that done um and and the
other nice thing now with our Ai and HPC
portion of the business is this same
data center uh infrastructure can be
used for both segments so we can build
out the data center infrastructure
knowing that you know whether it gets
used for Bitcoin mining or AI you know
there are a number of different use
cases that that we can P there sure are
and that’s really a great segue to kind
of the next section here talking about
how you guys internally decide where you
allocate your capital and your time and
resources and me personally Ken my
mindset on the Bitcoin mining space has
really shifted um it’s basically what
you just said there I used to look at
these companies these are Bitcoin mining
companies similar to oil companies or
gold companies they have one Focus they
go out they create Bitcoin that’s what
the company does now it’s seeming that a
lot of these organizations iron is
probably on the Forefront of this or at
least close to it you guys have really
redefined this space as as utility power
grid um technology companies that have
data centers and it just happens to be
that those data centers right now at
this point in time mining Bitcoin is
lucrative but they could shift to a
number of different things like HPC AI
or maybe a handful of other things that
we don’t even know about yet is that how
you would Define iron now do you still
consider your guys a Bitcoin mining
company or are you now um a tech company
that happens to dabble in Bitcoin
mining yes I think you know back to the
original thesis of of the company it was
very much around increasing
electrification increasing data
dependency um and the requirement of of
access to power at large scale for that
type of power dense computing um with a
a range of different use cases in mind
and so you know for us um that has
always been a focus which as I mentioned
has driven that vertical integration we
own the land at our sites we own the
connection infrastructure we own the
electrical infrastructure and the data
center infrastructure so that we know we
we can build these things in a way where
we can use them for multiple different
use cases you know we’re building high
quality data center infrastructure we’re
not using shipping containers or or
retrofitted warehouses you know these
are all high quality um permanent Data
Center buildings that can accommodate
these AI
workloads um and so I I think what we’ve
done has always been consistent from day
one and even if you look at the um Key
Management within the business you know
the the founders and executive
management we all have a background in
institutional infrastructure and power
and utilities markets um so that that
has very much always been a key Focus um
for us across the across the business
now you know we can’t sit here and tell
you we had perfect foresight into this
you know huge growth in AI um but we did
we did always see value in the
optionality around different use cases
and you know so for for us I think um it
is an important part of the the story
um and also I haven’t mentioned it uh on
on uh any of the questions so far but we
are also utilizing 100% renewable energy
which we view as a key part of the
thesis as well because for any of these
powered in applications as the
industries grow they attract increasing
scrutiny um and making sure that your
sources of of power um a renewable we
think is an important part of the story
uh and we are seeing that you know
particularly now as as we move into more
of this customer facing business with AI
you know that that is something that is
attractive to to the customers it most
certainly is that’s what’s always um
interested me in the Bitcoin mining
companies there’s no sales staff there’s
no customer there’s no marketing you
just make it and you sell it right away
right but obviously with HPC AI there
are customers and that’s a great uh
Great lead here Kent because it
personally think the environmental side
of this is going to become very very
relevant uh we start to see the ETFs
right we start to see institutional
investment a lot of these companies I
know firsthand I live in Alberta this is
a mecca for oil and gas um they really
care about ESG and having their brands
associated with environmentally friendly
companies so how is iron navigating the
regulatory side of this both on the AI
uh and the Bitcoin mining front we’ve
seen obviously Paraguay come out and say
say they had concerns about mining in
their country we’ve had the Biden
Administration come out and recommend a
a tiered 10% tax up to a 30% tax on
energy inputs um you guys operate in
Texas which is kind of the the go-to
spot right now for Bitcoin mining how do
you navigate the regulatory side of this
in real time while this technolog is
evolving yeah I mean look we’re we’re
always uh maintaining an active dialogue
with with regulators and uh politicians
um that that are in charge of the
various policies here um we’re operating
as you mentioned both in British
Columbia and Texas we we think that
those are both you know very attractive
um jurisdictions for for us to be
operating in um but we we do think it is
important um that we are bringing a
number of benefits to the communities
that we operate in um so you know we
already talked about the 100% renew
energy usage um we’re also able with our
operations to support the the grid so
there are many demand response uh
functions that that uh were able to
support So when in particular if you
look at the Texas Market um when Supply
is tight relative to demand um you know
there are a number of things we can do
at our end with our operations including
full curtailment to actually assist the
the grid um manage those periods of time
um many of uh the the sites in our
industry are located in Regional areas
and so you know there’s a significant
benefit to being able to bring these
kind of high-tech um somewhat future
proofed jobs out to these areas um and
at the end of the day you know it’s also
been important uh to to demonstrate the
use of these data centers for AI as well
um because that’s a a narrative that
we’ve had for a long time is that you
know we are actually uh focused and and
experts on powerd Computing and it does
have a range of applications it’s not
just Bitcoin mining you know the this is
critical infrastructure for everybody
moving forward uh and and in many ways
it’s actually going to determine you
know National competitiveness um if uh
countries don’t have access um to these
sort of facilities or or you know the um
high performance Computing that that
we’re starting to see so you know it’s
always something that we monitor on on
ongoing basis and you know continue to
try to be good good corporate citizens
wherever we’re operating yeah and I
think I I really like your answer I
think the best strategy there really is
just be on the offense all the time
right if you guys are always in that
group of the most energy efficient the
most involved in the community Community
the most uh engaged with your customers
or whatever the case is regardless of
the regulatory changes you’re you’re in
a beneficial position right so um Kent
very interesting interview today I know
I’ve learned a lot about the AI I got a
number of my own questions answered I’ll
kick it back to you for any final
thoughts or maybe any uh additional
catalysts we should watch out for um
from
Iron yeah I think you know obviously a
lot of the questions today been been
focused on AI
um but you know want to want to make it
very clear for us we see it as being
complimentary um to our Bitcoin mining
operations um so this is certainly for
us not a pivot away from Bitcoin mining
we continue to be very attracted to that
sector um we have our current expansion
to to 20x aash underway um and we we see
some you know very complementary areas
between the two you know two different
business business segments and in
particular um you know the market I
think views the the risk profile as
quite different so the ability to be
able to potentially bring our cost of
capital down um with with the exposure
that we now have to AI um is something
that can potentially benefit the the
whole business and particularly as it
relates to the Bitcoin cycle you know we
often see as as Bitcoin goes through its
four-year Cycles you know Capital floods
in at certain points in time um and
everybody is getting access to Capital
at at the same time um and that drives
you know Hardware prices up at that
exact moment and you know when when uh
you’re going through the the slightly
tougher times in the cycle you know no
one’s got access to Capital so actually
being able to to have a different
business segment with a a totally
non-correlated Revenue profile and a
different risk profile we think could
actually enable us to raise Capital
throughout the cycle and and better play
um you know some of those
Bitcoin uh cycles that that you see and
take advantage of that so you know we we
do view them as as being complimentary
and you know very excited about about
the future and the the pipeline that we
built up uh in terms of access to land
and power and our own development sites
is you know really allowing us to to
take full advantage of these
opportunities that are now presenting
themselves so very excited yeah it’s
recurring Revenue it’s non-correlated
and there’s no having in HPC so what’s
not to like about that I suppose
hey that’s right excellent well you know
what we really appreciate your time
today Ken uh iron I got to tell you is
one of the most requested followed
companies out there right now huge
amount of our subscribers are interested
in this one so hopefully we can uh do
our best to beat Dan last podcast uh we
look forward to having you guys back
again keep up the great work you guys if
you’re still watching at this point make
sure you hit the like button it helps
get this content to other people who may
find Value subscribe to the channel and
if we didn’t get to one of your
questions in today’s video leave it in
the comment section we’ll be sure to
address it in the next update Kent have
a great day thanks so much we’ll see you
soon guys
[Music]
Bitcoin News Today | Bitcoin Stock to Watch Right Now | IREN AI & HPC Growth | IREN
Welcome to McNallie Money, your daily dose of Stocks, Investments and Personal Finance!
Today we are joined by the Chief Commercial Officer of IREN, Kent Draper, ticker symbol IREN. IREN is a leading next-generation data center business powering the future of Bitcoin, AI and beyond utilizing 100% renewable energy. The company has over 2GW of secured power capacity across North America, with operating data center sites in Texas and British Columbia.Let me know what you think of IREN and if you are currently holding any shares of IREN in the comment section below! 👇
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29 Comments
What are your thoughts on IREN, holding any shares? ⬇️
I like IREN more than any other Bitcoin mining related stock. Versatile, high quality datacenters with access to 2000+ MW of power, fully funded to 20EH or efficient miners, NVIDIA AI/HPC and well under $1 billion market cap?!
I’m holding Iren, I have no doubt they will do well. My other bag on the other hand, bitfarms is killin me I’m starting to loose hope. They’re alway laggin behind the pack 😔
I have 4500 $IREN & won't be scared to add on any dips..Long & Strong (as my missus calls me) LFG!!
Is cleanspark, Iren and bitfarms still your guys top 3 holdings ?
3300 shares
I own 400 shares of IREN but would like to purchase more while stock is still undervalued.
Whoa , this all sounds like S&@#, I watched this whole thing did I miss the part when they said they actually closed a deal? They just pumped their bags yesterday now they wanna talk about plans and have you guys holding bags , the guy is wearing a hoodie and sitting in his bed room , who’s even commenting on this , you bought 80k shares ? lol ok bud
I recently learned about Block Sailor Token. I need investigate and assess its potential.
The self-governance method of Block Sailor Token is an intriguing concept. eager to find out more!
My #4 position. Looking to add more and if BITF don't get it together I might cut some and transfer funds to IREN
I'm curious what the dropoff/turnover curve will be for AI training. Like does Poolside need a lot up front and then dwindle down to maintenance levels later?
Iren or bitfarms ? Which one is your guys pick. Don’t say both please 😊
Thanks for this differentiated interview which provided good insight into a less well understood part of the business. A 2 yr payback is interesting but not as short one might hope (given client contract lengths) but I suppose if they get $40m back in 2 years and then everything else is pure cash profits, I can see why they like it. Moreover if this cycle is different to the BTC cycle it becomes a nice compliment and it makes sense for them to invest here instead of HODL if we think about stability of returns over the cycle.
All said, IREN is among the most attractive miners based on EV/MW, EV/EHs, Growth and returns (together with CORZ).
Over 20,000 shares of IREN and holding strong. Waiting for 3-5x! Let’s go!
PLEASE MOVE HQ TO THE U.S.
1,500 shares. 🚀🚀🚀 this miner has got a lot of potential.
Thank you! Am a holder, roughly 25,000 shares. Looking for at least a 3X in 2024 and at least a 5X from here into 2025. Wouldn’t be surprised to see up to a 7-8X from here through to Q3 to Q4 2025. It’s a gut ‘trust me bro’ feel, IMO/NFA 😉 Mind you my son says I’m being bearish …
Mara- 25000 shares
IREN- 500k shares
Hive – 500k shares
Let’s go to the moon 🌖
They should do sales and leaseback for these H100 purchases as BTBT did. This makes them capital-light on the AI/HPC side and reduces the ATM dilution that the market does not like at the moment.
Over 10k shares deep. Reminds me of finding clean spark a year ago at 3/4$ but the market not pricing in what I knew
Really hoping that this dilution ends soon and they let the SP run. They don’t HODL because they want to return shareholder value and maximise EPS, rather than gamble with SH money which is fair enough. This also means I assume no more dilution this year – otherwise they might as well HODL BTC, sell it higher and use that cash to grow accretively and dilute less in the future.
I’ve got 20k shares IREN. I think IREN and BTBT are extremely undervalued
Is AI just another shitcoin scam? I see tons of hype about it, loads of energy and capital going into it but basically nothing of value created except more realistic lighting in videogames and unconvincing deepfakes that people keep trying to gaslight me into believing look real
170m left to dilute it almost done??
I still am partial to BTBT….I think they are ahead of the game with AI….
Holding 2200 shares🎉🎉🎉They are still way undervalued..I m accumulating every week🚀🚀
Excellent video. Very excited about IREN. Thanks Bryce.
0:00: 📈 Update on Iron's self-mining capacity expansion plans, ATM program, and entry into HPC and AI verticals.
4:25: ⛏️ Outlook on HPC space for mid-tier miners, potential growth in Bitcoin mining and Ai cloud services.
9:07: 📈 Significant interest in generative AI space leading to rapid growth in capacity and customer relationships.
13:46: ⚙️ Advantages of hosting in own data centers for higher customer service levels and quicker issue resolution.
18:38: ⚙️ Trends in AI and HPC technology usage: balancing between new and older GPU models for training and inference.
23:18: 🚀 Successful partnership with major AI player leads to doubled cluster size and extended contract.
27:55: ⛏️ Challenges in accessing power dense data center infrastructure and land for expansion in the industry.
32:15: ⚡ Focus on institutional infrastructure, renewable energy, and AI growth strategy.
37:07: ⚙️ IREN remains committed to Bitcoin mining operations while seeing AI as a complementary venture.
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