IREN's Evolution from Bitcoin Miner to AI Infrastructure Leader
Iris Energy's transformation into IREN highlights the growing importance of electricity, data centres, and computing capacity. Founded by brothers William Roberts and Daniel Roberts in Sydney on November 6, 2018, Iris Energy initially focused on Bitcoin mining using renewable-powered data centres.
The company established operations at Canal Flats in British Columbia, Canada, using a former industrial site as part of its data centre development. In 2021, Iris Energy raised capital and listed on the Nasdaq through an initial public offering, gaining access to public equity markets for infrastructure development and expansion.
In November 2024, the company changed its name from Iris Energy to IREN as it expanded its focus beyond Bitcoin mining. IREN's move towards AI infrastructure was based on its existing data centre capabilities, including power access, computing infrastructure, and operational experience.