$IREN(IREN.US) In April 2024, the Bitcoin network completed its fourth halving but block reward was cut, halving mining companies' revenue. Everyone thought a wave of miners was about to die. But they didn't. Not only did they survive, they signed contracts worth hundreds of billions of dollars, issued investment-grade bonds, and achieved profit margins higher than during the peak of mining. IREN secured a $970 million five-year GPU cloud service contract from Microsoft and signed a $340 million deal with Nvidia. The same megawatt of electricity used for Bitcoin mining results in revenue that fluctuates wildly with the price of Bitcoin. However, leasing that megawatt to an AI company to host a GPU cluster generates three times the revenue of traditional mining. @Bridge Buzz SG