Iren stock jumped Tuesday after the bitcoin miner and data center firm released its monthly update late Monday. The company also appointed a new chief financial officer.
Iren said it mined 668 bitcoin in August, down from 728 bitcoin in July. The company's average operating hashrate, or the amount of computing power required to mine bitcoin, eased to 44 exahashes per second (EH/s) from 45.4 EH/s the month prior.
Bitcoin mining revenue slid to $76.7 million in August from $83.6 million in July.
Bitcoin mining hardware profit declined to $50.8 million from $60.1 million, while the profit margin fell to 66% from 72%. Electricity costs for Iren's bitcoin operations rose modestly.
Meanwhile, AI cloud revenue climbed to $2.4 million from $2.3 million, while net electricity costs were flat.
Hardware profit for Iren's AI cloud business matched revenue, with a 98% hardware profit margin.
AI Expansions Help Fuel Rallies For These 2 Bitcoin Miners
"Demand for our AI Cloud is accelerating as we prepare for the delivery of approximately 9,000 Nvidia Blackwell GPUs over the coming months," Iren Co-CEO and Cofounder Daniel Roberts said in the release.
Iren during its fourth-quarter results from late August said it has been designated a "Nvidia preferred partner," which should enhance supply access and broaden its customer pipeline. The company is building out its AI cloud to include 10,900 Nvidia GPUs.
Separately, the company on Monday appointed Anthony Lewis to serve as CFO. Lewis joined Iren in July as chief capital officer, where he oversaw the company's capital markets strategy and financing activities. He will continue overseeing those responsibilities in his new role, while taking leadership of Iren's financial operations, reporting, and strategic planning.
Lewis has been a "great addition to the leadership team," and has "already contributed" to the acceleration of Iren's cloud business after overseeing GPU financing, Roberts said the news release. Before joining Iren, Lewis spent 22 years at Macquarie Group, where he most recently served as co-treasurer.
Lewis succeeds Belinda Nucifora, who served as CFO for more than 3 years.
Iren Stock Advances Again
Iren stock rallied 15.3%% during Tuesday's regular session, marking three consecutive advances.
Shares in early trade Tuesday hit a record 30.50.
Iren has spiked more than 207% so far this year.
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