IREN Surpasses Hashrate Target, Eyes AI Dominance, and Fuels Investor Excitement

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Iris Energy (IREN), a prominent Bitcoin miner, has successfully achieved its mid-year hashrate target of 50 EH/s, significantly ahead of schedule. This milestone underscores the company's aggressive expansion in Bitcoin mining while simultaneously making substantial inroads into AI cloud services. Despite a recent net loss, IREN's strong cash position and strategic diversification have garnered increased investor interest and positive analyst revisions.

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