NBIS vs IREN: What Software Moats and Power Deals Really Signal About Mining Company Margins

NBIS and IREN are duking it out over margins, and the punchline isn’t just who mines more—it's which moat investors trust: software or power contracts ^[1]. Nevious argues a full-stack win, while Iris leans on IaaS to scale. 'Each additional customer scales via software at minimal cost,' the debate goes, highlighting the software moat ^[1].

Software moat — NBIS's full-stack approach is pitched as scalable software that can expand customers with minimal incremental cost ^[1]. Critics counter that you still need to grow power and infrastructure, so the software moat isn’t a silver bullet.

Infrastructure moat & power contracts — IREN has slotted in 3GW of capacity over the past half-decade and puts datacenters close to power sources, a clear advantage when long lead times bite ^[1]. There’s a note that some investors worry there are no contracts from hyperscalers yet ^[1].

Mining capacity & AI pivot — IREN can mine with existing capacity while chasing AI-power deals, and the growth into next year is massive. If NBIS can tilt more capacity toward AI, margins could hinge on how quickly contracts scale ^[1].

Investor outlook & margins — Some see NBIS’s moat and potential margin upside; others flag that IREN’s energy assets and AI pivot could redefine profitability, warranting reassessment as capacity and prices move ^[1].

Watch how AI power deals and capacity shifts reshape who wins on crypto mining margins.

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