Will Canny is CoinDesk's finance reporter.
Iris Energy shares slumped 14% after a short seller said the company's Childress site was unsuitable for hosting artificial intelligence or high-performance computing.Culper Researchmining, broker Bernstein said in a research report, and the existing power and data center infrastructure there work very well for that purpose.
The broker also estimates 65% of the company's value is derived from bitcoin mining and the remaining 35% from AI/HPC. Bernstein said it completely disagrees with the view that the mining activity is valueless. The broker said Iris Energy’s current $1 million/megawatt capital expenditure metric is a reflection of bitcoin mining capex. Comparing it to AI/HPC capex is not meaningful.
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