IREN Doubles GPU Fleet and Targets $500M ARR

Cipher Mining landed its first AI tenant, with $1.3 billion in the deal backstopped by Google, and MicroBT has opened a U.S. distribution hub with 10,000 ASIC miners per month in volume.

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Welcome back to The Mining Pod! On today’s round up, we dive deep into Cipher Mining's $3 billion AI hosting deal with Fluid Stack, backed by Google's $1.4 billion guarantee. And as hashrate surges to 1,100 EH/s, miners are struggling with sub-$50 hash prices. Plus MicroBT has opened a U.S. distribution hub, and IREN’s aggressive GPU expansion.

**Notes:**

• Cipher signed $3B AI deal with Fluid Stack

• Google backstopping $1.4B of obligations  

• Hash price under $50/PH/day (6mo low)

• Network hash rate at 1,100 EH/s

• IREN doubled GPU fleet to 23K units, raises Q1-2026 ARR to $500M

• MicroBT opens 10K unit/month US shop

Timestamps:

00:00 Start

03:03 Difficulty Report by Luxor

07:08 Cipher and Fluidstack deal!

13:15 MicroBT opens up shop in US

17:34 Cleanspark Ad

18:03 IREN doubles GPU fleet (again)

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