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Jina Capital @jinacapital on x 2369 followers
Created: 2025-07-20 07:50:28 UTC
Recently there was a Spaces between @kentpdraper (CCO of $IREN) @theMiningPod @GaryCardone.
Key summary was as follows -
$IREN's Financial Performance:
Stock Performance: XX% up year-over-year, XX% year-to-date, XX% up last month, XXX% over X months Current Operations: XXX megawatts of operational data centers Bitcoin Mining: XX exahash capacity generating over $X billion in annualized revenue at current Bitcoin economics Expansion Rate: Delivered XX megawatts per month of Bitcoin mining capacity over the last X months
Strategic Business Evolution:
Founded: 7-8 years ago with multi-use case vision (not just Bitcoin mining) AI Transition Timeline: Signed MOU with $DELL X years ago for AI/ML exploration, established cloud business XX months ago Current Strategy: Three verticals - Bitcoin mining, cloud services, and co-location Bitcoin Mining Pause: Indefinite pause on further Bitcoin expansion to focus on AI opportunities (not an end to Bitcoin mining)
Infrastructure & Technical Capabilities:
Current Capacity: XXX megawatts operational Pipeline: 2+ gigawatts in West Texas with executed connection agreements Facility Locations: X operating sites in British Columbia, Canada + X in West Texas Power Costs: 2.5-3.6 cents per kWh Energy Mix: ~100% renewable in BC (hydroelectric), ~90% renewable in West Texas grid Fleet Efficiency: Best efficiency among listed Bitcoin mining players with lowest power costs
AI Infrastructure Development:
Liquid-Cooled Capacity: Building XX megawatts direct-to-chip liquid cooling at Childress, Texas site Construction Cost: $X million per megawatt (vs competitors at $10-12 million) GPU Deployment: Successfully operating GPUs and ASICs side-by-side in air-cooled facilities Recent Purchase: ~$150 million Blackwell GPU order (B200s and B300s - air-cooled variants) Future Compatibility: Facilities designed for Grace Blackwell NVL XX form factor (Grace Blackwell 200/300) and next-gen Vera Rubens
Competitive Advantages:
Vertical Integration: Own land, grid connections, data center infrastructure Networking: Multiple physically redundant fiber connections designed for high-bandwidth, multi-tenancy Construction: In-house delivery vs external contractors (eliminates margin stacking) Procurement: Direct procurement for better terms and cost control Scalability: Can build XX megawatts monthly based on recent track record
Business Model Flexibility:
Cloud Services: Bare metal to fully managed services with software stack White-Label Partnerships: Providing compute to leading North American and global cloud providers Contract Terms: Ranging from short-term to 2+ years depending on GPU generation and customer needs Co-location Services: Targeting different customer segments than direct cloud offerings
Capital Structure:
Recent Financing: Large convertible notes issuance (following previous year's convertible notes) Debt Strategy: Very long-dated financing with convertibility feature, capped call structure Balance Sheet: No other debt in capital structure outside convertibles Future Options: GPU-backed debt financing, secured financing using tangible asset base
Operational Scale:
Workforce: 200+ employees, approaching XXX Hiring Focus: Mechanical expertise for cooling systems, InfiniBand/networking specialists Geographic Advantage: West Texas location provides access to oil & gas industry expertise for liquid handling/pumping systems
Market Positioning:
Industry Ranking: Among largest Bitcoin mining players with XX exahash capacity Power Comparison: Bitcoin mining facilities typically $350K-450K per megawatt vs $7M for AI-ready infrastructure Customer Base: Targeting larger customers preferring bare metal offerings, plus enterprise customers through white-label partners
Infrastructure Design Philosophy:
First Principles Approach: Purpose-built for power-dense computing (vs retrofitted traditional data centers) Redundancy: Full power redundancy, redundant high-voltage substations, redundant cooling plant Flexibility: Designed from inception for multiple use cases, not just Bitcoin mining Quality Focus: Proprietary permanent data center design (no shipping containers or converted warehouses)
PS - This time Whisper (OpenAI's translation service) transcribed it as IRINN (last time it was IRON), so I corrected that to $IREN before posting.
Enjoy!
XXXXX engagements
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