IREN Ltd. shares fell more than 6% on Wednesday after research firm SemiAnalysis published a series of critical social media posts about the company’s data centers in British Columbia. The facilities are part of IREN’s shift from Bitcoin mining to providing AI-focused cloud services.
SemiAnalysis cited user complaints about multi-day power outages, network disruptions and storage failures. The firm described the sites as among the “worst in the industry” and placed Iren in its “Not Recommended / Underperforming” category, well behind key competitors.
The criticism highlights the execution risks IREN faces as it adapts its legacy crypto-mining infrastructure to support high-performance AI workloads.