Joshua Siegler's questions to IREN Ltd (IREN) leadership • Q3 2024
Question
Joshua Siegler from Cantor Fitzgerald asked for color on the exploration of a colocation model for the HPC business and about market dynamics and unit economics post-halving.
Answer
Co-Founder and Co-CEO Daniel Roberts explained that colocation is being explored, but the company must weigh the opportunity cost against owning and operating its own compute. Regarding post-halving dynamics, he noted the hash rate remains robust and reiterated IREN's focus on accretive organic growth, contrasting its $30 million per exahash build cost with the market's $135 million valuation, making organic growth a clear choice over M&A.