"IREN Has More Available Power Right Now IREN and Cipher Mining both have vast gigawatt pipelines, 4.5 gigawatts and 3.4 gigawatts, respectively. However, part of a gigawatt's value is how close it is to energization. If a gigawatt is energized right now, a tech company can sign a deal and start using it right away instead of having to wait a few years."
"IREN has 810 megawatts of operating data centers compared to Cipher Mining's 477 megawatts. Not all of those megawatts are for AI, as some of that energy is for crypto mining. For instance, IREN only has 460 megawatts energized for AI, while Cipher Mining has a lower number. IREN is also projected to energize its 1.4 gigawatt Sweetwater 1 facility in April, giving it a better moat over Cipher Mining."
"Both companies will continue to energize more of their data centers. While IREN can realistically close the year with two gigawatts of energized power that is specifically for AI, it will take longer for Cipher Mining to achieve that goal. The big year for Cipher Mining is 2028, when the company is expected to energize 2.5 gigawatts. That means IREN will have a big lead in energized gigawatts for a while."
IREN and Cipher Mining pivoted from crypto mining to building AI data centers and owning energy supply. IREN currently operates 810 megawatts of data center capacity versus Cipher's 477 megawatts, with 460 megawatts energized specifically for AI. IREN plans to energize the 1.4 gigawatt Sweetwater 1 facility in April, fully dedicated to AI. IREN can plausibly reach two gigawatts of AI-energized capacity by year end, while Cipher's major energization milestone is expected in 2028 at 2.5 gigawatts. IREN also secured more favorable multi-year contract terms, including a five-year deal with Microsoft.
Read at 24/7 Wall St.
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