iren
1,606 views
3 Posts
Hot
Latest
IREN miner accused of overstating computing power
A group of investors have sued #iren , formerly Iris Energy, claiming the bitcoin miner misled them about its computing power and business prospects.
At issue in the class action lawsuit is IREN's facility in Childress, #Texas , which was billed as a data center and was ready, the company claimed, for high-performance computing (#HPC ). However, that's not what actually turned out to be the case.
The statement was knowingly false and misleading at the time it was issued because it overstated the company's prospects for HPC, given that its Childress site was ill-equipped for use as a data center and HPC, the lawsuit alleged.
The investors said they would not have invested in IREN had they known its prospects were “artificially and falsely inflated.” They also said the air-cooling design the company used to prevent the equipment from overheating was not properly tested and, because of that, failed to perform.
IREN's co-founders and co-#Ceo s, brothers Daniel and William Roberts, and the company's CFO, Belinda Nucifora, are named as defendants in the lawsuit. Investors are demanding compensation from them for damages.
IREN's stock price fell 6.71% to $7.51 on Wednesday, October 9, but has gained 10.44% since the beginning of the year.
IREN ranks seventh among bitcoin miners in terms of market capitalization, which is $1.42 billion.
#10MTradersLeague
At issue in the class action lawsuit is IREN's facility in Childress, #Texas , which was billed as a data center and was ready, the company claimed, for high-performance computing (#HPC ). However, that's not what actually turned out to be the case.
The statement was knowingly false and misleading at the time it was issued because it overstated the company's prospects for HPC, given that its Childress site was ill-equipped for use as a data center and HPC, the lawsuit alleged.
The investors said they would not have invested in IREN had they known its prospects were “artificially and falsely inflated.” They also said the air-cooling design the company used to prevent the equipment from overheating was not properly tested and, because of that, failed to perform.
IREN's co-founders and co-#Ceo s, brothers Daniel and William Roberts, and the company's CFO, Belinda Nucifora, are named as defendants in the lawsuit. Investors are demanding compensation from them for damages.
IREN's stock price fell 6.71% to $7.51 on Wednesday, October 9, but has gained 10.44% since the beginning of the year.
IREN ranks seventh among bitcoin miners in terms of market capitalization, which is $1.42 billion.
#10MTradersLeague
See original
IREN’s Financial Performance Improves Significantly in 2024:
The company reported record revenues of $184.1 million from Bitcoin mining, compared to $75.5 million in the previous fiscal year.
IREN mined 4,191 Bitcoins during the year, compared to 3,259 Bitcoins in 2023.
Adjusted net income before interest, taxes, and depreciation also improved significantly, rising to $54.7 million compared to $1.4 million in the previous year.
The company turned to positive net income before interest, taxes, and depreciation of $19.6 million, compared to a loss of $123.2 million in fiscal 2023.
Daniel Roberts, co-founder and co-CEO of IREN, said:
We are pleased to announce our annual results for fiscal 2024, which highlight continued growth in revenue, earnings, and cash flow.
We are on track to achieve our target of 20 EH/S next month and 30 EH/S this year.
Argo Blockchain, another company in the sector, reported 18% revenue growth in the first half of 2024, despite a 50% decline in its cryptocurrency output
IREN AI Cloud Services, generating $3.1 million in revenue from multiple clients.
#iren
#MiningCrypto
#تعدين
The company reported record revenues of $184.1 million from Bitcoin mining, compared to $75.5 million in the previous fiscal year.
IREN mined 4,191 Bitcoins during the year, compared to 3,259 Bitcoins in 2023.
Adjusted net income before interest, taxes, and depreciation also improved significantly, rising to $54.7 million compared to $1.4 million in the previous year.
The company turned to positive net income before interest, taxes, and depreciation of $19.6 million, compared to a loss of $123.2 million in fiscal 2023.
Daniel Roberts, co-founder and co-CEO of IREN, said:
We are pleased to announce our annual results for fiscal 2024, which highlight continued growth in revenue, earnings, and cash flow.
We are on track to achieve our target of 20 EH/S next month and 30 EH/S this year.
Argo Blockchain, another company in the sector, reported 18% revenue growth in the first half of 2024, despite a 50% decline in its cryptocurrency output
IREN AI Cloud Services, generating $3.1 million in revenue from multiple clients.
#iren
#MiningCrypto
#تعدين
