Bitcoin miner IREN has reported its first full-year profit with a net income of $86.9 million, a substantial increase from a loss of $28.9 million the previous year. The company’s revenue exceeded $501 million, doubling from last year, attributed to an enhanced production capacity that now stands at 50 exahashes per second (EH/s). IREN is also expanding its AI cloud services, aiming to deploy 10,900 GPUs by December, potentially boosting annual revenues by $200 million to $250 million. Pre-market trading saw IREN shares rise by 13%, closing in on rival MARA Holdings in market capitalization. With $1 billion in annualized revenue from mining operations, IREN's growth strategy includes a strong focus on both bitcoin mining and AI infrastructure, positioning it as a leading player in the sector.

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