IREN is aiming to use renewable energy to connect the Bitcoin and AI business sectors.
The company owns three data centers in British Columbia, Canada, and two in Texas (one is currently under construction). All of them are powered by renewable energy either through renewable energy sources or with Renewable Energy Certificates.
According to IREN's modern slavery statement, 98% of the British Columbian data centers' energy use comes from renewable energy sources. It comes primarily from hydroelectricity. The other 2% of the energy they use comes from RECs.
The Texan data centers, on the other hand, are 100% powered by RECs.
RECs are separate from the energy a company uses. Companies buy them to offset their potential pollution impact and to claim support for renewable energy projects, according to Investopedia.
RECs can be a good stepping stone for companies looking to be more eco-friendly. It's important for any company to be transparent about how they're purchased and when they're used.
AInvest called IREN's work "a compelling case study in sustainable growth." It noted that IREN's use of low-cost power can help offset the large amount of energy Bitcoin mining requires. Renewable energy can also reduce AI's impact on the environment.
Data centers are infamous for their capability to pollute our air. Amazon currently operates or is building 102 data centers in northern Virginia. They collectively use more energy to run compared to the amount of energy the city of Seattle uses.
Bitcoin mining, in particular, can also harm people who live far away from the mining centers. Using renewable energy can keep people both near and far from those centers safer from Bitcoin's environmental impacts.
IREN is taking a more thoughtful approach to these issues overall. By building data centers with our environment in mind, the company is creating greener crypto and AI options. IREN is giving back to the community, as well, by providing grants for meaningful social initiatives.
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While AInvest recognized that the market can be volatile, it encouraged investors to invest in IREN. The company is leveraging renewable energy to create a future-proof business model that's better for us and the earth.
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