Bitcoin mining company IREN, formerly Iris Energy, saw a 24% decline on the Nasdaq after a damning report by short-seller Culper Research. The report accused IREN of being significantly overvalued and lacking investment in AI competitiveness. Culper criticized IREN for not aligning its actions with its ambitious high-performance computing plans, spending far less than industry standards. The report highlighted IREN's inflated value and questioned its ability to compete effectively. Culper also pointed out unmet promises and insider selling by IREN's co-CEOs. This incident mirrors Culper's past actions against Bitcoin miners. Despite the market dip, IREN's shares partially recovered by the end of trading. The company's current market cap stands at $2.09 billion, reflecting ongoing challenges in the crypto mining sector. Read more AI-generated news on: https://app.chaingpt.org/news