Australia-based Bitcoin Miner Iren redirects its growth plans away from BTC mining and against its AI data centers and AI Cloud Services companies.

“As we near the implementation of our 50 EH/S mining expansion, our focus is changing to the next phase of growth and providing scalable infrastructure to AI and HPC,” said co-founder and CEO Daniel Roberts in a Monday business update.

When it was completed at 52 EH/S, the mining expansion is expected to generate $ 528 million in annual cash flow, according to the company. The current installed capacity is 35 EH/S and the completion is expected in the coming months.

Iren shares are lower by 2.1% premarket.