IREN (NASDAQ:IREN) will be hitting pause on its bitcoin (BTC-USD) mining expansion, it said on Monday, to pivot toward its AI cloud services and data center businesses.

"Our focus is shifting to the next phase of growth and delivering scalable infrastructure for AI and HPC through our AI Cloud Services and AI Data Center businesses,” said IREN Co-Founder and Co-CEO Daniel Roberts said in a statement.

The company's bitcoin mining expansion will be paused upon completion of its 52 exahash per second (EH/s) buildout. From there, mining cashflows will to be reinvested to support growth of IREN's (NASDAQ:IREN) AI operations.

It's on track to expand to 50 EH/s of mining capacity in the months ahead, it said, adding that $528M is expected to generated in annualized illustrative net cashflow.

Existing capacity stands at 35 EH/s.

IREN (IREN) shares closed out Monday's session with a 0.3% gain.