IREN’s Microsoft partnership underscores how Bitcoin miners are reinventing themselves as AI infrastructure providers amid tightening margins.
Bitcoin mining company IREN (IREN) signed a multi-year GPU cloud services contract with Microsoft, highlighting the integration of traditional mining infrastructure with the demands of Big Tech for AI computing power.
The five-year agreement, valued at $9.7 billion, will provide Microsoft with access to Nvidia GB300 GPUs hosted within IREN’s data centers.
In a related move, IREN also announced a $5.8 billion deal with Dell Technologies to acquire GPUs and related equipment. The company plans to fund its capital expenditures through a combination of cash reserves, customer prepayments, operational cash flow, and additional financing.
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