On August 30, during an interview on CNBC’s “Closing Bell Overtime,” Dan Roberts, co-founder and co-CEO of IREN (formerly Iris Energy), discussed the company’s innovative approach to integrating AI with Bitcoin mining. Roberts highlighted how IREN is leveraging its significant data center capacity, powered entirely by renewable energy, to not only mine Bitcoin but also to train AI models using Nvidia chips.
Roberts began by acknowledging that while Bitcoin mining remains the primary focus of IREN, the company was founded with a broader vision: to address the growing demands of the digital world. This vision includes not just cryptocurrency mining but also supporting other high-power computing applications such as AI. He revealed that IREN is currently running Bitcoin mining operations alongside Nvidia chips in their data centers, which are actively training AI models. This dual use of its infrastructure exemplifies the company’s strategy to diversify and monetize its significant resources.
One of the key points Roberts discussed was IREN’s collaboration with Morgan Stanley to explore opportunities in the AI data center market. Although he couldn’t disclose specific details, Roberts mentioned that IREN is in discussions with potential partners to further expand into the AI space. He emphasized the scale of IREN’s operations, noting that they have secured 2,300 megawatts of power and land, which is more than three times the combined capacity of all data centers in Silicon Valley and San Jose. He believes this vast capacity positions IREN as a significant player in the Bitcoin mining and AI industries.
Roberts also highlighted IREN’s commitment to sustainability, explaining that the company exclusively uses 100% renewable energy. Beyond just using clean energy, IREN operates in energy markets where their demand helps solve public market problems. For example, in Texas, where most of their power is sourced, IREN can respond in real time to high power prices by scaling down their computing operations. This allows IREN to act like a “demand-side battery,” returning energy to the grid during peak demand, which benefits consumers.
When asked about the current state of the Bitcoin mining ecosystem and the outlook for Bitcoin, Roberts remained optimistic. He acknowledged the volatility of Bitcoin but argued that such volatility is necessary for an asset that has grown from nothing to over a trillion dollars in value within 15 years. Roberts compared Bitcoin to “Gold 2.0,” emphasizing its scarcity, durability, and transferability, which he believes make it a superior store of value. He suggested that if Bitcoin reached a market capitalization comparable to gold, its value could reach $1 million per Bitcoin.
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