BitDeer: From Bitcoin Miner to "AI Landlord"Written by: Lin Wanwan
Everyone initially thought that the real bottleneck for AI was not capital or large models, but electricity.
Long-term full-load operation of large training, with AI inference running 24/7, brings about a problem: there is not enough electricity, and chips are forced to be left idle and gather dust. The U.S. has lagged behind in power grid infrastructure over the past decade, with new high-load grid connections taking 2–4 years, making "available electricity" a scarce resource across the entire industry.
Generative AI brings to the forefront a raw and brutal truth: what is lacking is not the model, but the electricity.
The story thus took a turn, as cryptocurrency mining companies, the group that first regarded electricity as a "production material," began to move from the margins to the center stage of capital.
Iris Energy (IREN) is a sample of this route. This year, IREN's stock price once surged nearly 600% within the year, ranging from $5.12 to $75.73 over a 52-week period. It is in
DeepFlowTech·2025-11-14 03:32