Mining company transformation overview: IREN increases purchase of 50,000 B300 chips to expand AI computing power

As Bitcoin mining companies begin large-scale procurement of NVIDIA’s latest AI chips, a industry reshaping centered on “who defines computing power” is quietly unfolding. The news of IREN increasing its purchase of 50,000 B300 GPUs is not just a single company’s capital expenditure decision but a microcosm of collective efforts by miners to seek a “second life”—shifting from providing hash power for the Bitcoin network to delivering computational infrastructure for the AI era. Behind this transformation are re-pricing of electricity resources, structural shifts in capital flows, and a fundamental change in valuation logic for mining firms. This article will present a comprehensive view of this “mining farm turning into intelligent computing centers” industry upheaval through data comparison, public sentiment analysis, and scenario simulation.

50,000 B300 Chips Boost: IREN’s Key Leap in AI Computing Transition

On March 4, 2026, Bitcoin miner IREN Limited (NASDAQ: IREN) announced it had signed a procurement agreement to purchase over 50,000 NVIDIA B300 GPUs, expanding its GPU fleet to 150,000 units. According to the company’s announcement, these additional chips are scheduled for phased deployment in the second half of 2026 at existing data centers in Mackenzie, British Columbia, Canada, and Childress, Texas, USA. IREN states that by the end of 2026, the expanded GPU fleet could support over $3.7 billion in annualized revenue, emphasizing that this figure is an illustrative estimate based on internal assumptions and not a fully signed contract.

The payment terms for this deal are post-shipment, with an expected capital expenditure of approximately $3.5 billion covering GPUs, servers, storage, networking equipment, and labor costs. Over the past eight months, IREN has raised $9.3 billion through customer prepayments, convertible bonds, GPU leasing, and GPU financing, supporting its transition.

From Holding Coins to Reducing Holdings: Timeline and Funding Logic of Miner Transition to AI

Bitcoin miners have long adhered to a “hold-only” asset reserve strategy, viewing their expanding holdings as a core competitive barrier. However, this strategy is undergoing systemic change.

Key timeline points:

• October 2025: Bitcoin hits a record high of $126,080 before entering a downtrend
• End of 2025: Several miners begin adjusting balance sheet strategies; MARA revises financial management policies to allow partial Bitcoin sales
• January 2026: Core Scientific sells about 1,900 BTC, cashing out approximately $175 million
• February 2026: HIVE Digital signs a $300,000 GPU leasing contract, purchasing 504 NVIDIA B200 chips
• March 2026: IREN announces an additional purchase of 50,000 B300 GPUs; Morgan Stanley extends a $500 million loan to Core Scientific for infrastructure upgrades

The commonality across these actions is that miners are actively reducing their Bitcoin holdings, reallocating the released capital and financing capacity toward AI computing infrastructure.

Data Decoding: Leading Miners’ “Mining + AI” Capability Comparison Table

Current Bitcoin price is $71,055.3 (as of March 6, 2026, Gate data), down about 43.6% from its all-time high. The narrowing of mining economics sharply contrasts with the explosive growth of the AI computing rental market. It is forecasted that by 2026, China’s AI computing rental market could reach 260 billion yuan, with a broader global market potential.

Comparison of top miners’ transition progress:

Data source: company announcements

From the comparison, IREN leads in AI computing scale, with its goal of 150,000 GPUs positioning it among the top global AI cloud infrastructure providers. Core Scientific leverages traditional financial capital to accelerate its transition, exemplified by its $500 million loan from Morgan Stanley at SOFR + 250 basis points, indicating increasing recognition from traditional finance for miners’ AI shift.

Market Controversy: Is Transition a Survival Strategy or a Risky Gamble?

Transition is a necessity for survival, not optional

CoinShares analyst Matthew Kimmel points out that the core value of miners shifting to AI lies in their abundant electricity resources and the stable income from future computing service contracts. These revenues are less correlated with Bitcoin prices and more attractive to public market investors. Unlike passive sell-offs during market downturns, this round of sales is a strategic fundraising move for active transformation.

Short-term financial pain unavoidable

IREN has already experienced short-term revenue pressure during its transition. In Q2 2026, its total revenue declined 23% quarter-over-quarter, with management attributing this mainly to shifting electricity and infrastructure from mining to AI workloads. AI cloud revenue is growing but has not yet fully offset the decline in mining income. This “revenue gap” may be a transitional phase all transitioning miners must endure.

Valuation logic shift dilemma

Market valuations differ significantly between IREN and pure Bitcoin holding company Strategy (formerly MSTR). IREN’s price-to-book ratio is 5.59, while Strategy’s is only 0.87. Analysts have lowered IREN’s 2026 earnings forecast from 58 cents to 38 cents over the past week, while raising Strategy’s outlook. This reflects market concerns about the short-term profitability of transitioning companies.

Narrative Perspective: Three Major Tests Behind the AI Transition Story

The narrative of miners shifting to AI hinges on several assumptions that need validation:

Reusability of electricity resources

Bitcoin miners and AI servers have fundamentally different electricity demand patterns. Miners require relatively stable power but can operate intermittently, whereas AI data centers demand continuous power and complex cooling. Upgrading mining farms is not plug-and-play; it requires redesigning power architectures, network infrastructure, and cooling systems. Core Scientific explicitly states that its $500 million loan will be used for land acquisition, pre-development expenses, and upgrading to high-density AI compute centers, confirming the asset-heavy nature of the transition.

Achievability of revenue forecasts

IREN’s announcement states its $3.7 billion annualized revenue target is an “illustrative estimate based on internal assumptions, not fully signed contracts.” This implies revenue projections depend on assumptions about GPU models, utilization rates, pricing, contract durations, and counterparties, any deviation from which could impact actual revenue.

Migration of technical capabilities

Core competencies of miners include electricity procurement, site operation, and hardware maintenance, whereas AI compute services require software stacks, customer acquisition, and SLA management. HIVE Digital is building these capabilities via its BUZZ AI cloud platform, but the industry as a whole remains in capability-building phase.

Reshaping the Landscape: How Miner Transition Disrupts AI and Crypto Markets

Impact on miner competitive landscape

Miner transition is creating a “arms race” effect. IREN’s target of 150,000 GPUs sets a high industry threshold; if other miners cannot secure similar financing or procurement capacity, they risk falling behind in the AI compute race. Core Scientific’s $500 million loan offers an alternative path: leveraging traditional financial capital rather than solely relying on Bitcoin sales.

Impact on AI compute supply

Large-scale GPU procurement by miners will tighten the already strained AI chip supply. NVIDIA’s B300, as a new generation data center GPU, will face delivery and capacity allocation constraints. IREN emphasizes that “early procurement improves timing and execution certainty,” indicating miners recognize supply chain management’s importance.

Impact on the crypto market

The shift from “hold-only” to “active reduction” of Bitcoin holdings increases potential selling pressure. However, this reduction is a strategic transition rather than ongoing operational selling. Bitdeer has liquidated all its Bitcoin holdings; Core Scientific plans to sell “almost all” reserves. Once these decisions are executed, future selling pressure may diminish.

Future Scenarios: Three Possible Paths for Miner Transition

Scenario 1: Smooth Transition

Conditions: Bitcoin price stabilizes between $60,000–$80,000; AI compute demand continues to grow; miners secure subsequent financing and complete infrastructure upgrades on time.

Possible outcome: Pioneers like IREN develop a “dual-driven” model of mining and AI, with AI revenue surpassing 50%, shifting valuation from cyclical stocks to growth tech.

Scenario 2: Transition Pain

Conditions: Delays in AI chip delivery or rapid iteration causing equipment depreciation; AI compute rental prices become highly competitive; miners face declining mining income and losses in new business.

Possible outcome: Some miners with rapid but underfunded transition experience cash flow issues, leading to industry consolidation and M&A.

Scenario 3: Strategic Retreat

Conditions: Bitcoin prices rebound near all-time highs; mining profitability exceeds AI compute leasing; or AI demand growth underperforms expectations.

Possible outcome: Miners slow AI transition, refocus on core mining business, and sunk costs may become stranded assets.

Conclusion: Miner “Second Life” Has Just Begun

IREN’s purchase of 50,000 NVIDIA B300 GPUs marks the latest chapter in Bitcoin miners’ collective shift toward AI compute. The underlying logic is that electricity resources are shifting from “securing Bitcoin network” to “powering AI,” leading to a reevaluation of miners’ core assets.

Transition is not without challenges. Revenue gaps, heavy infrastructure investments, and building AI service capabilities from scratch are hurdles to overcome. For miners, the real question is not “whether to transition,” but “how to transition”—whether through aggressive expansion like IREN, leveraging traditional capital like Core Scientific, or maintaining Bitcoin exposure while cautiously exploring AI opportunities. Each path carries risks and opportunities.

In this industry reshaping, miners’ future identity will evolve from mere “Bitcoin producers” to “compute infrastructure operators.” This transformation is redefining the boundaries between the crypto industry and traditional tech sectors.