Data company sets its eyes on the new sector — and it could cause significant change in investment patterns
Formerly known as Iris Energy, the Sydney-based company was founded in 2018 and operates renewable energy-powered data centers in Canada and the United States.
"Our facilities are optimized for Bitcoin mining, AI cloud services and other power-dense compute," the company states, boasting its 100% renewable credentials.
In January, IREN announced a 1,400-megawatt facility in Sweetwater in West Texas, expected to come online in April 2026. It already has a 750-megawatt operation in Childress County, which is about 150 north and 250 miles northwest of Dallas, that is partly functional and still under construction.
The 420-acre Childress site showcases the crypto industry's goal for the future of digital currencies. It is located in a wind and solar power hotbed, where the cost of energy is cheap. IREN says the region has 37 gigawatts of renewable energy but can transmit only about 12 because of infrastructure limitations.
"This constraint currently results in wind and solar farms often being curtailed (or temporarily turned-off) at times of high renewable energy generation due to a lack of local load," according to the company.
The presence of the data center, however, means that excess energy produced on particularly windy or sunny days can be used rather than wasted. When the intermittent renewable energy supply is low, on the other hand, it can similarly reduce its consumption, balancing the grid and protecting against threats such as extreme weather-caused blackouts.
It's a working example of a green tech dream, as bitcoin and other cryptocurrencies have long been criticized for their energy demands, which reportedly match those of small countries. Crypto miners also consume vast quantities of water to cool their equipment and produce e-waste as they upgrade tools.
Using clean energy instead of dirty energy reduces the emission of heat-trapping gases that pollute the atmosphere and contribute to the climate crisis, which is harming humanity, wildlife, and the planet.
Do you think electric vehicles are efficient enough to replace gas cars?
Totally
Definitely not
They're almost there
They need a lot more work
Click your choice to see results and speak your mind.
IREN is betting that its practices will not only mitigate these problems but also usher in a new era of sustainable, profitable investment. It hopes to push other cryptocurrencies as well as other industries toward renewables, which would help expand clean infrastructure via increased demand, and to spur economic growth and social responsibility by meeting the needs of communities underserved by traditional finance.
Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
43 minutes ago
- Business Upturn
Natco Pharma plans to acquire majority stake in South Africa's Adcock Holdings: Report
By Aditya Bhagchandani Published on July 23, 2025, 12:11 IST According to sources cited by CNBC Awaaz, Natco Pharma is planning to acquire a majority stake in Adcock Holdings, a South Africa-based pharmaceutical company. The Hyderabad-headquartered drug maker is reportedly in talks to take control of Adcock, which is known for its portfolio of generic and over-the-counter (OTC) medicines across Africa. Adcock Ingram, the parent entity, has a significant presence in the African pharmaceutical market, offering a range of generic and OTC products catering to local healthcare needs. This potential acquisition could mark a strategic expansion for Natco into the African healthcare market. The deal, if it materializes, would strengthen Natco's international footprint and diversify its revenue streams into emerging markets. Disclaimer: The information provided here is based on reports from CNBC Awaaz and other publicly available sources. It is for informational purposes only and should not be considered as investment advice or a recommendation to buy or sell any securities. Please consult a qualified financial advisor before making any investment decisions. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Insider
an hour ago
- Business Insider
Market Woes Set Bearish Mood Ahead of Tesla's (TSLA) Q2 Earnings Call
Tesla's (TSLA) stock is once again on the rise ahead of its Q2 earnings report, scheduled for release after tomorrow's market close. With Q2 vehicle deliveries already disclosed earlier this month at 384,000 units, investor attention now shifts to profitability, strategic execution, and Tesla's ability to maintain its competitive edge. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. What's clear is that the days of unchecked, hyper-growth driven by EV manufacturing alone are behind us. Going forward, Tesla's success hinges on its ability to monetize emerging ventures like Robotaxi and Full Self-Driving (FSD). That said, the road ahead is filled with uncertainty—and at Tesla's current premium valuation, the margin for error is razor-thin. As a result, I remain Bearish on TSLA stock. Automotive Woes and Margin Compression First and foremost, market participants are seeking an update to the lifeblood of Tesla's business: its automotive segment. Due to increasing competition and a decline in demand for EVs, consensus estimates point to another challenging quarter for Tesla with double-digit decreases in year-over-year revenue. Tesla's market share is eroding globally. In fact, as of 2024, China-based BYD (BYDDF) is now the world's leading EV manufacturer by volume. This is especially a problem in China, which represents 21% of Tesla's revenue. Once a key growth engine for Tesla, vehicle sales in China are falling over 10% year-over-year. This is particularly worrisome when considering that the overall Chinese EV market is surging, which suggests that Tesla is losing market share. Secondly, Tesla faces a multi-front threat to its profitability. In the second quarter of last year, Tesla's automotive gross margin (ex-credits) was 18.3% and decreased to 16.3% in Q1 this year. Analysts anticipate further margin compression this quarter—and for good reason. Demand for Tesla's Model 3 and Model Y has weakened amid growing competition and more diverse offerings from rivals, as shown by production consistently outpacing deliveries. Like the broader EV industry, Tesla is also grappling with macroeconomic pressures. Elevated interest rates have made car payments less affordable, prompting buyers to opt for lower-priced, lower-margin models like the Model 3. In response to softening demand and rising competition, Tesla has introduced temporary price cuts, which are likely to weigh further on average selling prices and profit margins. TSLA Looks to Save the Day by Pivoting to Robotics & AI Tesla's lofty valuation—reflected in a P/E ratio of 181, more than 800% above the sector median—is largely built on investor confidence in its bold pivot toward artificial intelligence and robotics. The centerpiece of this AI narrative is Tesla's push for full autonomy, recently marked by the launch of a small fleet of around 20 robotaxis in Austin, Texas. While this marks a notable step, it's limited to a tightly geofenced area, making a broader rollout across major U.S. cities unlikely in the near term. At the helm, Elon Musk has gone on record to claim that 'millions of Teslas will be operating fully autonomously in the second half of next year [2026].' However, his track record includes many ambitious promises that were either delayed or never realized. Still, Tesla may unveil early proof-of-concept data from Austin in its earnings report, and potentially, reveal a firm timeline for launching its vast network of autonomous vehicles (AVs). Investors are also eyeing potential updates on Optimus, Tesla's humanoid robot initiative. Musk previously stated a goal of producing ~5,000-12,000 units this year and recently teased 'the most epic demo ever,' fueling speculation that the production-ready Optimus V3 may soon be revealed. However, skepticism remains high, given Musk's history of overpromising and the long road ahead for humanoid robotics. Realistically, Optimus remains a long-duration, high-risk R&D effort, with little chance of meaningful revenue contribution for years to come. Is TSLA Stock a Buy, Sell, or Hold? On Wall Street, TSLA carries a consensus Hold rating based on 13 Buy, 13 Hold, and eight Sell ratings in the past three months. TSLA's average stock price target of $299.52 implies a downside potential of almost 9% over the next 12 months. Earlier this week, Wall Street analyst Alexander Potter reiterated a Buy rating on TSLA with a price target of $400. Sandler believes concerns surrounding the impact of regulatory changes (EV tax credit) are overblown, stating, 'We think that while it's true that the U.S. government is committed to rescinding financial support for the EV and battery industries, Tesla will still book around $3 billion in credits this year, followed by $2.3 billion in 2026.' Tesla's Sluggish EV Growth and Unproven AI Ambitions Tesla's second-quarter earnings are likely to confirm what the market already suspects: its core EV business is losing momentum. With the company's lofty valuation now increasingly tied to its ambitions in AI and robotics, the focus is shifting from vision to execution. The market will soon demand real, near-term progress—not just bold promises. At the same time, Tesla must also defend its legacy automotive business, a tall order for any single company. Given its elevated valuation and the lack of immediate breakthroughs in its emerging tech initiatives, I'm staying Bearish for now. That said, for investors with a higher risk tolerance and a taste for short-term speculation, there's a case to be made. If Tesla falls short of expectations, it could trigger a sell-off, presenting both a selling opportunity in the near term and a potential buy-the-dip entry point for those who believe in Tesla's long-term dominance across EVs and robotics.
Business Insider
an hour ago
- Business Insider
Meta's (META) Texas Solar Project Gets $900 Million Investment from Enbridge
Canadian energy infrastructure company Enbridge (ENB) is investing $900 million in a 600-megawatt solar project in Texas that's being led by technology giant Meta Platforms (META). Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Calgary-based Enbridge says it is making the investment as demand for clean energy from technology companies drives the need for renewable sources of power. Meta has signed a long-term contract to purchase 100% of the project's renewable energy to help power its data center operations. Meta is one of many mega-cap technology firms that is investing heavily in renewable energy to power data centers and artificial intelligence (AI) models and applications. The 'Clear Fork' solar energy project, which is located near San Antonio, Texas, is expected to become operational by 2027. Rising Demand In a news release announcing the investment, Enbridge said: 'Clear Fork demonstrates the growing demand for renewable power across North America from blue-chip companies who are involved in technology and data center operations.' Construction on Clear Fork is underway, and Enbridge expects the project to be accretive to its cash flow and earnings once it comes online in 2027. ENB stock has gained 9% this year, while META stock has risen 21% so far in 2025. Is META Stock a Buy? average META price target of $746.07 implies 5.53% upside from current levels.
