Is the IREN Stock Price a Bargain or at Risk of a Deeper Dive?
IREN stock price has suffered a harsh reversal in the past few weeks, moving from the year-to-date high of $76.55 on November 5 to the current $48. This crash has erased over $11 billion in value.
Why the IREN Stock Price Has Crashed
IREN is an Australian company involved in two businesses: Bitcoin mining and artificial data centers. Its approach is to use its growing Bitcoin mining revenues and profits to invest in the fast-growing AI industry.
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The company’s Bitcoin mining operations have done well this year, thanks to the growing hash rate, which soared to 50 EH/s in June this year. This division’s revenue rose to $232…
