Bitcoin mining firm IREN's shares plummeted 24% on Nasdaq following a damning report from short-seller Culper Research. The report accused IREN of being "wildly overvalued" and failing to invest adequately in its high-performance computing plans. Culper claimed IREN had spent under $1 million per megawatt to build its existing center, far less than the $10 to $20 million per MW typically required. The report also highlighted IREN's high enterprise value relative to hash rate and noted the company's failure to meet several promises. IREN's market cap now stands at $2.09 billion.