IREN Ventures $193 Million into AI Computing, Nearly Doubling GPU Capacity Translation: IREN Ventures $193 Million into AI Computing, Nearly Doubling GPU Capacity.

The cryptocurrency mining company IREN has acquired 4,200 NVIDIA Blackwell B200 graphics processors as part of its development of the AI computing division, AI Cloud.

The total value of the transaction is approximately $193 million, which includes payment for ancillary equipment.

The firm plans to deploy the GPUs at its own data center in Prince George, British Columbia, Canada. This facility has a dedicated capacity of 50 MW and has the potential to scale up to 20,000 Blackwell graphics processors.

With this latest purchase, IREN will nearly double its GPU fleet to roughly 8,500 NVIDIA devices, which will consist of:

The company disclosed that the previous batch of processors, valued at $102 million, was financed through leasing. The agreement spans 36 months at a «high single-digit interest rate.» This financing has allowed the firm to free up its own resources for further business development initiatives in the AI sector.

«IREN’s expansion of capacity in Blackwell aims to meet the increasing demand and advance the next phase of our AI Cloud with growth in cloud technology revenue,» commented co-founder and CEO Daniel Roberts.

The company also anticipates maintaining its current Bitcoin network hash rate of around 50 EH/s by utilizing spare capacity in other data centers. IREN surpassed this milestone in late June by joining MARA, CleanSpark, and Cango.

These four miners collectively control over 20% of the Bitcoin network, whose overall hash rate, smoothed by a 7-day moving average, stands at 956 EH/s, according to Glassnode.

However, only IREN among this group is following the popular trend of diversifying its business into the high-performance computing (HPC) sector, as noted by TheMinerMag. Experts pointed out that several major players in the industry, such as Bitfarms and TeraWulf, are already investing more in AI computing infrastructure at the expense of cryptocurrency mining volumes. Other participants, like Core Scientific and HIVE, are trying to balance both directions.

It is worth noting that in August, Google became the largest shareholder of TeraWulf with a 14% stake through expanded financial guarantees for a deal between the miner and the cloud AI platform Fluidstack.