Last reviewed
2026-06-21
Mining data is a dated snapshot. Hashrate and energy figures are approximate.
BTC MiningNasdaq Global Select MarketIREN
IREN Limited
5.5/10Overall score = 6.5*25% + 3.5*20% + 6.0*15% + 5.5*15% + 5.5*10% + 6.0*15% = 5.5. Weights: hashrate 25%, energy 20%, BTC held 15%, revenue 15%, dilution 10%, management 15%.
Key Metrics
Hashrate
38.0 EH/s
Global Major (>30 EH/s)
BTC Held
₿200
₿0.00000056/share
Market Cap
$21.40B
Nasdaq Global Select Market
Share Price
$60.00
Nasdaq Global Select Market
Revenue TTM
$620.0M
Trailing twelve months
Renewable Energy
41%
Mixed Energy
Grid Energy
59%
Non-renewable mix
Overall Score
5.5/10
Composite rating
Last reviewed
2026-06-21
Manual review date
Score Breakdown
Methodology: Overall score = 6.5*25% + 3.5*20% + 6.0*15% + 5.5*15% + 5.5*10% + 6.0*15% = 5.5. Weights: hashrate 25%, energy 20%, BTC held 15%, revenue 15%, dilution 10%, management 15%.
View full scoring methodology →SCORE FINGERPRINT · 6 FACTORS
The score as a shape.
Each spoke is one of the six sub-factors behind IREN's 5.5/10, plotted 0–10 and ordered by methodology weight. The filled shape is the company's profile. Two miners can share an overall score and still have opposite shapes — a balanced hexagon is a different bet than a spike on one axis with thin edges everywhere else. IREN is strongest on hashrate & scale (6.5/10) and thinnest on energy mix (3.5/10).
IREN profileStrong tier (8–10)Factor ≥ 7Factor < 5
Each axis is a 0–10 sub-score from the Pledge mining methodology; spokes ordered by factor weight (w%). Dashed ring = the 8–10 strong tier. The weighted composite is 5.5/10. Scores are a dated editorial assessment, not investment advice.
Hashrate & Scale
Total Hashrate
38.0 EH/s
Tier
Global Major (>30 EH/s)
Self-Mined BTC (TTM)
₿5,500
Share Price
$60
Shares Outstanding
357,000,000
Energy & Sustainability
41% RenewableMixed Energy59% grid mix
solar 28%
hydro 8%
wind 5%
grid mix 59%
BTC Treasury
Total BTC Held
₿200
BTC per Share
₿0.00000056
BTC Holdings Score
6.0/10
Financial Health
Market Cap
$21.40B
Revenue (TTM)
$620.0M
Total Debt
$3.69B
Share Price
$60
Shares Outstanding
357,000,000
Revenue Score
5.5/10
LEVERAGE6.0xdebt ÷ revenue (TTM)
BTC CUSHION0.01xcoin value ÷ debt · illustrative spot
Debt is not an explicit factor in the composite score; these ratios surface the leverage and bitcoin-cushion read directly. BTC cushion uses an illustrative spot, not a live quote.
Dilution & Equity Structure
Total Debt
$3.69B
Dilution Score
5.5/10
IREN has accessed equity and convertible-note markets to fund its mining and AI data-center buildout; convertible notes outstanding reached ~$3.69B by March 2026. Share count has grown from financing activity alongside a major expansion into AI cloud services.
Highlights
- +Reached a 50 EH/s self-mining hashrate milestone in mid-2025; currently operates ~36–38 EH/s as it reallocates power toward AI compute.
- +Pivoting hard into AI cloud / HPC, including large multi-year GPU contracts (e.g. an NVIDIA-based deployment and a ~$9.7B Microsoft GPU services deal).
- +100% renewable-powered data centers across Texas and British Columbia, with a multi-gigawatt development pipeline.
- +Q3 FY2026 revenue of ~$144.8M, with AI Cloud Services revenue scaling rapidly (~$33.6M) alongside bitcoin mining (~$111.2M).
- +One of the highest-valued names in the peer group, with a market cap around $21B.
Considerations
- !Holds very little bitcoin on the balance sheet — IREN sells substantially all mined BTC, so it offers little direct BTC-treasury exposure.
- !Energy mix is rated ~41% renewable in this dataset based on grid reliance, though the company markets 100% renewable-sourced power; this figure is conservative and under review.
- !Carries ~$3.69B of convertible notes; heavy capital intensity creates interest-expense and refinancing risk.
- !Reported a large Q3 FY2026 net loss (~$247.8M) driven by depreciation and a ~$140.4M equipment impairment.
- !The AI cloud / HPC pivot introduces competitive and capital-allocation risk distinct from pure mining.
Best For
Investors seeking a renewable-powered miner that is rapidly becoming an AI/HPC infrastructure play, who do not need direct BTC-treasury exposure and accept high leverage and capital intensity.
Evidence
Why trust this view
Verification
Sources
4 cited
Each data point is traced back to a named source listed below.
How we score
Mining methodology
Open the scoring rules before relying on a ranking.
Boundary
Not investment advice
Pledge provides comparison data for educational purposes only.
Sources
verifiedOfficial
IREN achieves 50 EH/s mid-year target
Official release confirms the company (now IREN Limited) reached its 50 EH/s installed self-mining capacity target in mid-2025, fueled by the Childress, Texas site.
https://irisenergy.gcs-web.com/news-releases/news-release-details/iren-achieves-mid-year-target-50-ehs ↗verifiedSEC Filing
IREN Q3 FY2026 results (8-K)
Q3 FY2026 (quarter ended March 31, 2026) discloses ~$144.8M revenue, the AI cloud pivot, ~$3.69B convertible notes, and a large net loss; the company operates as IREN Limited.
https://www.sec.gov/Archives/edgar/data/0001878848/000187884826000025/irenreportsq3fy26results.htm ↗verifiedResearch
The Block — IREN $9.7B Microsoft GPU deal / 10-Q
Documents IREN Limited as the current legal name, the ~$9.7B Microsoft GPU services deal, and the AI cloud expansion as of Q3 FY2026.
https://www.stocktitan.net/sec-filings/IREN/10-q-iren-ltd-quarterly-earnings-report-47751ec07c5b.html ↗partialMarket Data
StockAnalysis IREN statistics
Market data snapshot used for share price (~$60), shares outstanding, market capitalization (~$21.4B), and valuation metrics; treated as partial due to potential delay.
https://stockanalysis.com/stocks/iren/statistics/ ↗Notes
RENAMED: the company rebranded from "Iris Energy" to "IREN Limited" (Nov 2024); name and website updated. Hashrate reflects the 50 EH/s mid-2025 self-mining milestone, with ~36–38 EH/s currently operating as power is reallocated to AI cloud. totalBtcHeld (200) is a LOW-CONFIDENCE estimate: IREN sells substantially all mined BTC and does not run a large treasury, and an exact current BTC count is not cleanly disclosed; treat as approximate. Energy-mix renewable % is conservative versus the company's 100%-renewable marketing and should be re-reviewed. Debt is ~$3.69B convertible notes (Q3 FY2026). Market data delayed/estimated. Not investment advice.
Not investment advice. Pledge provides comparison data for educational purposes only. This snapshot was checked 2026-06-21. Past performance does not guarantee future results.
Affiliate disclosure. Pledge currently does not earn affiliate or referral fees from any product listed on this page. If that changes, monetized links will carry a clear ↗ AFFILIATE marker.
Mining metrics. Hashrate, energy mix, and BTC treasury figures are based on reported data and may not reflect current holdings or operational status.
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Not investment advice. Pledge provides comparison data for educational purposes only; it is not financial, investment, legal, or tax advice. Listed rates, terms, and scores can change and Pledge does not guarantee future availability, pricing, approval, or outcomes. Verify current terms with official sources before acting.
Affiliate disclosure. Pledge currently has no affiliate links, referral fees, or sponsored placements. If a paid relationship is ever added, it will be disclosed inline where it appears — and it will not affect rankings or scores.