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Bitcoin mining company IREN (IREN) has signed a multi-year GPU cloud services contract with Microsoft, highlighting the growing integration between traditional mining infrastructure and Big Tech’s expanding demands for AI computing power.
The five-year deal, valued at $9.7 billion, will provide Microsoft with access to Nvidia GB300 GPUs hosted in IREN data centers.
In a related move, IREN also announced a $5.8 billion deal with Dell Technologies to acquire GPUs and related equipment. The company plans to fund its capital expenditures through a combination of cash reserves, customer prepayments, operating cash flow and additional financing.
IREN said the agreement strengthens its position as a major provider of AI cloud services, after its pivot in the sector in early 2024. Beyond AI, the company remains one of the largest Bitcoin (BTC) miners from realized hashrate.
IREN shares traded much higher after the market opened on Monday, reflecting investor enthusiasm following Microsoft’s announcement.
Related: Solo Bitcoin miner earns $347K, ‘pure sovereignty in action’
Bitcoin miners are turning to AI as profit pressures increase
IREN is between a increasing number of Bitcoin miners making an aggressive pivot into GPU AI and data infrastructure as they seek to diversify revenue streams amid an increasingly competitive and capital-intensive mining landscape.
HIVE Digital was one of the first to change strategy, starting its transition in mid-2023 and now generating significant revenue from AI and high-performance computing services.
MARA Holdings unveiled an immersion cooling system in 2024 designed to support dense workloads like AI. Earlier this year, Riot Platforms also began laying the groundwork for a potential expansion into AI and high-performance computing.
In one of the sector’s biggest deals to date, TeraWulf announced a $3.7 billion hosting agreement in August with the AI ​​cloud platform Fluidstack, which is supported by Google-parent Alphabet. The agreement includes a 10-year colocation lease that could be extended in five-year increments.
Related: Bitcoin mining stocks outperform BTC as investors move on AI pivots
