SIDE BY SIDE
Compare.
Pick up to four names. Power, valuation, and efficiency, lined up.
AT A GLANCE · COMPUTED
IREN vs CIFR vs HUT vs BTDR
4 names, lined up on what they actually own — power controlled, valuation, and how they source it.
IREN
Cipher Digital
Hut 8 Corp.
Bitdeer Technologies Group
RESERVES
5.80 GW controlled — most of the set
4.20 GW controlled
3.77 GW controlled
3.00 GW controlled
→ IREN controls the most power (5.8 GW).
VALUATION · VAL/GW
$2.9B per GW
$2.5B per GW
$3.7B per GW — richest
$1.4B per GW — cheapest reserves
→ BTDR is the cheapest reserves; HUT the most expensive.
HOW REAL
14% operational · 28% announced
5% operational · 78% announced
19% operational · 59% announced
49% operational · 6% announced
→ Operational power earns today; announced is pipeline that may never energize.
POWER SOURCING
Grid — utility interconnection
Grid — utility interconnection
Hybrid — grid + on-site generation
Grid — utility interconnection
→ Each owns or self-controls its power, the basis we count.
BOTTOM LINE
On owned gigawatts per dollar, BTDR is the value of this group at $1.4B/GW, while HUT is priced richest at $3.7B/GW. IREN controls the most power outright.