Iren, an Australian company operating three major data centers in northern British Columbia and the Kootenays, is undergoing a significant transformation. Originally focused on bitcoin mining, the company is now shifting its operations towards AI data storage. This strategic shift has led to a remarkable 350% surge in its stock price, with a current valuation of $13 billion US.
The move towards AI data storage comes at a time when the province is implementing new regulations on power access for AI data centers. Kent Draper, Iren’s chief commercial officer, explained that the company initially designed its facilities for multiple uses, enabling a seamless transition to AI workloads as the demand for AI services increased. For instance, Iren’s Prince George site now hosts both bitcoin miners and AI servers in the same data halls.
The Prince George site, with a 50-megawatt capacity, began offering AI data storage services 18 months ago. Draper mentioned that additional graphics processing units (GPUs) are being installed, and once completed, the site will be solely dedicated to AI operations. Similar upgrades are underway at Iren’s Mackenzie and Canal Flats sites.
Draper anticipates that the shift to AI will create more job opportunities in the region, as AI data storage is more labor-intensive than bitcoin mining. Currently providing 60 permanent positions across the Prince George and Mackenzie sites, Iren plans to triple this workforce. Additionally, the upgrades will generate approximately 100 temporary construction jobs during the expansion phase.
The company was initially attracted to British Columbia due to its access to hydroelectricity and the climatic conditions that facilitate equipment cooling without water usage. However, recent policy changes prioritize power allocation to natural resource projects, necessitating AI data centers to compete for power access. B.C. Hydro will call for projects in early 2026, allowing AI projects 300 megawatts and other data centers 100 megawatts over a two-year period.
Kate Harland, a research lead at the Canadian Climate Institute, emphasized the need for policy changes amid the province’s rising electricity demand. She highlighted the advantages of AI data centers over crypto mining in terms of infrastructure development, employment opportunities, and computing capacity.
Draper affirmed that Iren’s focus will pivot towards AI storage, complying with the new regulations. He expressed confidence in the company’s continued operations and expansion in British Columbia, adhering to the regulatory framework in place. Despite the restrictions, Iren remains committed to its upgrades in the region, with ongoing work slated for the coming year.
