A company managing three significant data centers in northern British Columbia and the Kootenays is undergoing a notable transformation. Originating from Australia, Iren initially focused on bitcoin mining but has now shifted its focus towards AI data storage. This strategic change has propelled the company’s stock price to surge by 350%, reaching a market value of $13 billion US.
However, this transition coincides with the implementation of new regulations by the province concerning power accessibility for AI data centers. Kent Draper, Iren’s chief commercial officer, highlighted that the company’s facilities were originally designed for diverse applications. With the rising popularity of AI, Iren has repurposed its infrastructure from bitcoin mining to AI workloads. For instance, the Prince George site currently houses both Bitcoin miners and AI servers within the same data halls.
The Prince George site, boasting a 50-megawatt capacity, commenced offering AI data storage services 18 months ago. Draper mentioned the ongoing installation of additional graphics processing units (GPUs), which will eventually lead to the exclusive utilization of the site for AI purposes. Concurrently, upgrades are in progress at Iren’s Mackenzie and Canal Flats locations.
The shift towards AI is anticipated to generate more employment opportunities in the region, as AI data storage operations are more labor-intensive compared to bitcoin mining. Presently, Iren provides 60 permanent positions across the Prince George and Mackenzie sites, with plans to triple these roles. Moreover, the expansion initiatives are expected to create approximately 100 temporary construction jobs at peak phases.
Iren was initially drawn to British Columbia due to its abundant hydroelectric resources and the climatic conditions conducive for equipment cooling without water consumption. However, recent policy adjustments by the province prioritize power allocation for natural resource projects, compelling AI data centers to compete for power access. B.C. Hydro will initiate project solicitations in early 2026, granting AI projects a combined access to 300 megawatts over a two-year period.
The policy modifications also include a permanent prohibition on new cryptocurrency connections in British Columbia. Kate Harland, a research lead at the Canadian Climate Institute, emphasized the necessity of these changes amidst escalating electricity demands in the province. Harland highlighted the broader societal benefits of AI data centers compared to cryptocurrency mining, emphasizing the potential for enhanced telecommunications infrastructure, employment opportunities, and computing capabilities.
Despite the regulatory constraints hindering the expansion of bitcoin operations, Iren had already planned to pivot towards AI storage. Draper acknowledged that Iren will persist and expand its operations in British Columbia under the prevailing regulatory framework. He expressed some reservations regarding government intervention in resource allocation compared to market-driven decisions.
Iren remains committed to its upgrade initiatives in British Columbia, with ongoing work scheduled to extend into the upcoming year.
