Shares in US-listed, Australian-born bitcoin miner Iren (formerly Iris Energy) are rallying, after a spectacular 95 per cent drop in value during the crypto winter, thanks to its ability to source cheap green power to run Nvidia’s artificial intelligence chips in its data centres.

The Nasdaq-listed company has seen its shares rise 94 per cent so far this year and 172 per cent just in the past two months, as the market figures out what price it should put on Iren’s access to land and power in the AI gold rush.