IREN Limited (NASDAQ: IREN), formerly known as Iris Energy Limited, operates within the highly capital-intensive and rapidly converging sectors of digital asset mining and high-performance computing (HPC) infrastructure. Historically, the company functioned as a pure-play cryptocurrency mining enterprise, generating the entirety of its revenue by providing computing power to Bitcoin mining pools.1 However, the landscape of digital infrastructure underwent a seismic shift in early 2024. The April 2024 Bitcoin halving event reduced per-block mining rewards from 6.25 BTC to 3.125 BTC, effectively doubling the network's production costs overnight.2 Concurrently, the network difficulty surged to record highs of approximately 155.97 terahashes by late 2025, pushing the break-even cost for many U.S. grid-rate miners to near $111,000 per Bitcoin.

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