We break down IREN’s leap from top-tier bitcoin mining margins to a $10B Microsoft GPU-as-a-service contract, and how prepayments, Dell terms, and disciplined financing de-risk the build. The conversation spans GPU paybacks, ERCOT policy shifts, BC growth, and the balance between mining and AI.• Q1 operating highlights and mid‑60s gross margins• Details of the $10B Microsoft agreement and diligence• Prepayments, Dell payment terms, and lease financing• Two‑year GPU paybacks and mid‑30s equity IRRs• GPU lifespan versus 20‑year data center life• Repairs, warranties, and Dell‑backed liquid cooling• Expansion at Childress, Horizons 1–4, and Sweetwater• Security design for multi‑tenant hyperscaler sites• Mining cash flow versus staged AI displacement• Fleet efficiency, upgrade posture, and strategy• ERCOT SB6 queue cleanup and grid approvals• Global site criteria: renewables, OECD, colder climates• BC update: pre‑contracted GPUs and rapid conversions• Funding mix: converts, corporate debt, ATM optionality• Local hiring, training, and community investmentHit the like button. Feel free to subscribe. If you have any additional questions for the team at IREN, let us know in the comment section belowAnthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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