The Block Crypto News21 minutes ago

Published on July 11, 2024 17:30 GMT+00:00edited on July 11, 2024 17:34 GMT+00:00

Iris Energy’s stock plunged nearly 20% in midday trading Thursday after activist short seller Culper Research published a short report on the bitcoin miner’s stock. The short-seller analogized the company as looking “to win the Monaco Grand Prix, but just arrived to the track in a Toyota Prius.”

“​​IREN talks a big game of its HPC plans, but ultimately seems entirely disinterested in actually doing what it takes to compete in the space,” Culper analysts wrote in the report. “The Company has spent less than $1 million per MW to build out its existing footprint, and tells investors it will complete the Childress build for a similar sub- $1 million per MW figure. Meanwhile, leading operators, analysts, and experts all confirm that the true cost to develop an HPC-ready data center is ~$10 to …