ChainCatcher reported that according to CoinDesk, Culper Research released a short-selling report stating that the Bitcoin mining company Iris Energy's plant in Childress, Texas is not suitable for artificial intelligence or high-performance computing. Subsequently, Iris Energy (IREN)'s stock price fell nearly 14% yesterday.
Brokerage firm Bernstein said in a research note that the company has dedicated much of the planned expansion of the site to bitcoin (BTC) mining, and that the existing power and data center infrastructure there is well suited for this purpose. “Iris Energy has not claimed that it intends to convert its Bitcoin mining site in Childress to artificial intelligence,” analysts led by Gautam Chhugani wrote.
Bernstein estimates that 65% of the company’s value comes from Bitcoin mining, with the remaining 35% coming from AI/HPC. The company’s valuation is in line with other Bitcoin miners such as CleanSpark (CLSK) and Marathon Digital (MARA), whose entire valuations are driven by mining.
