A company managing three significant data centers in northern British Columbia and the Kootenays is undergoing a notable transformation. Originally focused on bitcoin mining, Australia-based Iren is now shifting its operations towards AI data storage. This strategic change has resulted in a remarkable 350% surge in its stock price, elevating its total worth to $13 billion US. However, this transition coincides with the introduction of new power accessibility regulations for AI data centers in the province.
Kent Draper, Iren’s chief commercial officer, explained that the company initially designed its facilities with versatility in mind, allowing them to repurpose infrastructure initially utilized for bitcoin mining to accommodate AI workloads. At their Prince George site, for instance, both Bitcoin miners and AI servers are currently operational within the same data halls. The 50-megawatt Prince George site commenced offering AI data storage 18 months ago and is undergoing a GPU expansion to exclusively cater to AI operations in the future.
Upgrades are also underway at Iren’s Mackenzie and Canal Flats sites. Draper anticipates that the shift towards AI will create more job opportunities, as AI data storage is more labor-intensive compared to bitcoin mining. Currently providing 60 permanent positions across the Prince George and Mackenzie sites, Iren aims to triple this workforce. Additionally, the upgrades are expected to generate approximately 100 temporary construction jobs during the peak expansion phase.
The decision to establish operations in British Columbia was influenced by the region’s access to hydroelectricity and its cold climate, enabling equipment cooling without water consumption. However, recent policy changes announced by the province prioritize power allocation for natural resource projects, requiring AI data centers to compete for power access. B.C. Hydro will initiate project calls in early 2026, allocating 300 megawatts for AI projects and 100 megawatts for other data centers over a two-year period.
Furthermore, the policy changes make the existing ban on new cryptocurrency connections permanent. Kate Harland from the Canadian Climate Institute emphasized the necessity of these changes due to increased electricity demand in the province. She highlighted that AI data centers offer more substantial benefits in terms of telecommunications infrastructure, employment opportunities, and computing capacity compared to cryptocurrency mining.
Despite regulatory constraints limiting expansion in bitcoin operations, Iren had already planned to transition towards AI storage. Draper expressed the company’s commitment to operating and expanding within B.C. under the prevailing regulatory framework. He acknowledged the challenges posed by government resource allocation decisions over market-driven approaches, emphasizing Iren’s ongoing upgrades in the province set to continue into the next year.