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NVIDIA-linked crypto stock jumps 30% after record earnings
The Bitcoin mining and AI cloud firm IREN Limited (NASDAQ: IREN) posted its annual earnings on Aug. 28.
Notably, the firm's Bitcoin mining capacity increased to 50 EH/s, up 400% YoY. The firm mined 728 BTC in July.
For the uninitiated, Bitcoin mining is the process of validating and adding transactions to the Bitcoin blockchain network by solving cryptographic problems called hashes.
During the last quarter, the firm earned $1 billion in annualized revenue from Bitcoin mining and secured the NVIDIA (Nasdaq: NVDA) "Preferred Partner" status.
IREN's 'breakout year'
IREN co-founder and co-CEO Daniel Roberts said,
Roberts added, “We expanded our contracted, grid-connected power to nearly 3GW, more than tripled operating data center capacity to 810MW, and completed our 50 EH/s expansion – all while laying the foundation for rapid growth in our AI Cloud business to more than 10,000 NVIDIA GPUs."
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The firm also increased its AI Cloud capacity to 1.9k NVIDIA GPUs in FY 2025.
IREN stock jumps 28%
The IREN stock, which closed at $23.04 on Aug. 28, jumped as much as 28% to hit the day's high of $29.50 on Aug. 29. It was trading at $25.90 at the time of writing.
On the other hand, IREN's closest rival, MARA Holdings (MARA), was trading at $15.84 at press time, down 0.81% a day.
This article has been published in thestreet.com via Yahoo News.
