hodler

28 Apr 2026, 22:12

Bernstein Lowers IREN Target to $100: AI Outperform

Bernstein lowered the IREN price target to $100 but maintained the AI-focused Outperform. The Microsoft deal is key in the transition from Bitcoin mining to AI cloud. 2.6 billion $ revenue expected...

28 Apr 2026, 20:40

Tether Picks Canaan Modules to Power Immersion Mining Sites

Canaan Inc. landed a follow-on order from Tether for custom high-density mining hash board modules set for deployment at a Tether-affiliated facility in South America. Key Takeaways: Canaan secured a follow-on order from Tether for custom hash board modules deploying to South America in 2026. The modular system, co-designed with ACME Swisstech, cuts operational complexity

28 Apr 2026, 19:43

IREN dips 8% ahead of Q3 results—can AI shift offset mining losses?

More on IREN Limited IREN: I Am Still Bullish Despite The Prove-It Phase IREN: Hyperscaler Ambitions Vs. $6 Billion Dilution Risk IREN Vs. Nebius: One Dilutes, The Other Compounds Block sees lowest interest from short sellers in March among crypto firms with over $2B market cap Nvidia's H100 GPU rental prices surge nearly 40% in 6 months: SemiAnalysis

28 Apr 2026, 18:50

Bernstein Predicts Iren Will Completely Exit Crypto Mining Within Years — A Strategic Pivot to AI Cloud

BitcoinWorld Bernstein Predicts Iren Will Completely Exit Crypto Mining Within Years — A Strategic Pivot to AI Cloud Investment bank Bernstein has released a report predicting that Iren (IREN), formerly known as Iris Energy, will completely exit the cryptocurrency mining business within the next few years. The firm is rapidly transforming into a high-speed artificial intelligence (AI) cloud provider, as reported by Decrypt. This strategic pivot marks a significant shift in the digital asset mining landscape. Bernstein’s Analysis of Iren’s Strategic Shift Bernstein lowered its price target for IREN to $100 from $125. However, the bank maintained its outperform rating. The downward revision stems from two factors unrelated to Iren’s core business outlook. First, the company is reducing the scale of its Bitcoin mining operations. Second, an increase in outstanding shares followed a recent stock issuance. Bernstein clarified that its AI-related targets for the company remain unchanged. The bank sees Iren’s pivot as a logical evolution. The company is leveraging its existing infrastructure for high-performance computing. This move aligns with broader industry trends. Background on Iren’s Transformation Iren started as a Bitcoin mining firm under the name Iris Energy. The company operates large-scale data centers. These facilities house both mining rigs and AI computing hardware. The shift toward AI cloud services began in late 2023. Rising energy costs and volatile Bitcoin prices drove this decision. The company now offers cloud computing services to AI startups. These services include GPU clusters for machine learning tasks. This transition mirrors moves by other mining firms like Hive Blockchain and Core Scientific. Financial Implications of the Pivot The stock issuance mentioned by Bernstein raised capital for AI infrastructure. Iren sold additional shares to fund data center upgrades. This dilution impacted the stock price target. However, Bernstein views this as a short-term adjustment. The company’s AI revenue is expected to grow significantly. Bernstein projects that AI services will account for over 60% of Iren’s revenue by 2027. This compares to less than 10% in 2024. The mining segment will shrink accordingly. Market Reaction and Industry Context The news has generated mixed reactions among investors. Some see the pivot as a necessary survival strategy. Others worry about execution risks in a competitive AI cloud market. The stock price experienced moderate volatility following the report. Iren’s move reflects a broader trend in the crypto mining industry. Many firms are diversifying into AI computing. The demand for AI processing power has surged since 2023. This creates a natural hedge against Bitcoin price fluctuations. Key Factors Driving the Exit from Crypto Mining Energy costs: Bitcoin mining consumes massive amounts of electricity. Rising energy prices reduce profitability. Regulatory uncertainty: Governments worldwide are tightening crypto regulations. This creates compliance burdens. Hardware competition: Specialized mining ASICs become obsolete quickly. This requires constant capital reinvestment. AI demand: Cloud AI services offer higher and more stable margins. This attracts infrastructure investors. Bernstein’s Track Record in Crypto Analysis Bernstein is a respected Wall Street investment bank. Its research division covers digital assets extensively. The bank has correctly predicted several industry trends. For example, Bernstein forecasted the 2023 Bitcoin rally. It also anticipated the rise of Bitcoin ETFs. The bank’s analysis carries weight with institutional investors. Its reports often move markets. The maintain outperform rating suggests confidence in Iren’s long-term strategy. Comparison with Other Mining Firms Company Primary Focus AI Pivot Status Iren (IREN) AI cloud services Active transition Hive Blockchain Green mining + AI Partial pivot Core Scientific Bitcoin mining Exploring AI Riot Platforms Bitcoin mining No pivot Timeline of Iren’s Evolution Iren’s journey from mining to AI cloud has several milestones. In 2021, the company went public as Iris Energy. It focused on sustainable Bitcoin mining using hydroelectric power. By 2023, the company began testing AI workloads. In early 2024, it rebranded to Iren to reflect its broader focus. The company now operates multiple data centers across North America. Expert Opinions on the Pivot Industry analysts view the shift positively. “Iren is making a smart bet on AI infrastructure,” says one technology analyst. “The company’s data center expertise translates well to cloud computing.” Another expert notes that the move reduces exposure to crypto volatility. “Investors should watch for execution milestones,” the expert adds. Potential Risks and Challenges The transition is not without risks. The AI cloud market is dominated by giants like Amazon and Microsoft. Iren must compete on price and performance. The company also faces capital expenditure requirements. Upgrading data centers for AI workloads costs billions. Another risk involves the Bitcoin mining equipment. Iren must sell or repurpose its ASIC miners. This could generate one-time charges. However, the company’s strong balance sheet provides a buffer. Conclusion Bernstein predicts Iren will fully exit crypto mining within years. The company’s pivot to AI cloud services represents a strategic evolution. While the stock price target was lowered, the bank maintains a positive outlook. Iren’s transformation reflects broader industry trends. Investors should monitor the company’s AI revenue growth and execution progress. The crypto mining landscape continues to evolve rapidly. FAQs Q1: Why does Bernstein predict Iren will exit crypto mining? Bernstein believes Iren will fully exit crypto mining within years because the company is pivoting to AI cloud services. The bank sees higher growth potential in AI computing compared to Bitcoin mining. Q2: What is Iren’s new price target from Bernstein? Bernstein lowered its price target for IREN to $100 from $125. The reduction is due to decreased Bitcoin mining scale and increased share count from a stock issuance. Q3: How will Iren’s AI cloud business generate revenue? Iren will offer GPU clusters and high-performance computing services to AI startups and enterprises. This includes machine learning training and inference workloads. Q4: What are the risks of Iren’s pivot to AI cloud? Key risks include competition from major cloud providers, high capital expenditure requirements, and execution challenges in transitioning infrastructure from mining to AI. Q5: When did Iren begin its transformation? Iren started testing AI workloads in 2023 and rebranded from Iris Energy to Iren in early 2024. The full transition is expected to take several years. This post Bernstein Predicts Iren Will Completely Exit Crypto Mining Within Years — A Strategic Pivot to AI Cloud first appeared on BitcoinWorld .

28 Apr 2026, 18:14

Pax Gold vs Ayni Gold: The Difference Between Holding Gold and Earning Gold-Backed DeFi Yield

Hold PAXG. You earn nothing in the position. Hold AYNI and stake it. You earn quarterly staking rewards in gold, paid in PAXG itself. Both tokens put gold on a blockchain. Only one of them generates DeFi gold yield. That difference is structural, not marketing, and it determines which product fits which user. Ayni Gold is a DeFi protocol built on a Peruvian gold mine. PAXG, issued by Paxos, is a token backed one-to-one by physical gold sitting in a vault. PAXG tracks gold's price. Ayni Gold tracks gold's production. Demand for on-chain gold has climbed sharply in 2026. Bitget's TradFi desk crossed $6 billion in daily volume with gold as the top-traded pair . Both products benefit from that current. They serve different users. What Each Token Actually Represents The two tokens look similar from the outside but reference different underlying objects: one points to metal already in storage, the other to metal still being extracted. Pax Gold (PAXG): Token Backed by Vaulted Gold Each PAXG token corresponds to one troy ounce of London Good Delivery gold held by Paxos Trust Company in Brink's facilities. Holders can redeem PAXG for physical gold or for cash through Paxos directly. PAXG launched in 2019 and has grown into the largest gold-backed cryptocurrency by market capitalization. Vault attestations are published monthly by WithumSmith+Brown, an independent accounting firm. The price tracks the spot gold price closely, with small premiums or discounts based on liquidity. As a gold as a yield-generating asset, PAXG itself does no work. It sits on the chain. Any returns on the position come from the gold market or from external strategies a holder layers on top, such as lending, liquidity provision, or external staking platforms. Ayni Gold (AYNI): Stake in Gold Production Ayni Gold reverses the model. The AYNI tokenomics documentation explains that one AYNI token represents 4 cm³ per hour of mining capacity at the Minerales San Hilario concession, an 8 km² alluvial site in the Madre de Dios region of Peru. Total supply is fixed at 806,451,613 tokens. Minerales SH San Hilario S.C.R.L., the company operating the mine, holds concession No. 070011405 with INGEMMET, the Geological, Mining and Metallurgical Institute of Peru. The token is not redeemable for gold. It is a position in a productive asset, more like a mining royalty than a vault receipt. Users who stake AYNI receive income in PAXG proportional to mining production, net of costs and a success fee. The protocol burns 15% of accumulated success fees every quarter, shrinking the circulating supply over time. This makes AYNI a gold-backed crypto yield position with cash flow built in. How the PAXG reward is calculated The reward calculation is published in plain form: PAXG reward = (AYNI_staked × Mining_output × Time_factor) − Costs − Success_Fee Every input in that formula maps to a real number. The amount of AYNI staked is on-chain. Mining output, costs, and success fees are reported by the operator. There is no proprietary model layered on top, which makes the yield mechanics auditable in a way most DeFi protocols are not. On the smart contract side, the AYNI ERC-20 contract has been audited by CertiK (October 2025) and separately by PeckShield. Both reports live on the protocol's trust and audits page. Side by Side: The Six Dimensions That Matter The structural differences become clearest when laid out on the dimensions a buyer actually evaluates. PAXG Ayni Gold What the token represents One troy ounce of physical gold held in a Paxos vault 4 cm³/hour of mining capacity at the Minerales San Hilario concession in Peru Source of returns Gold price movement only Income in PAXG is proportional to real gold mining output, plus gold price exposure on the reward asset Native yield None Yes, paid in PAXG to AYNI stakers Custody Paxos vaults, audited monthly by WithumSmith+Brown INGEMMET-registered concession (No. 070011405); smart contracts audited by CertiK and PeckShield Best for Long-term gold holders who want price exposure on-chain Users who want gold exposure plus yield from real gold mining Two takeaways. PAXG is a stable, audited, redeemable claim on stored gold with no native yield. Ayni Gold is a yield-bearing claim on gold production, with returns tied to operational performance and a wider risk profile. Why PAXG Holders Should Care About Ayni Gold Most PAXG yield staking strategies require leaving PAXG. Holders deposit it on lending platforms, pair it in liquidity pools, or wrap it through external protocols. Each of those routes adds smart contract exposure, counterparty exposure, or impermanent loss to a position that started as simple gold exposure. Ayni Gold solves that asymmetry differently. The protocol does not ask PAXG holders to leave PAXG. It pays them in PAXG. Users stake AYNI and earn PAXG payouts that track output at the concession. For users who want to earn yield in gold without giving up gold-denominated exposure, the architecture matters. The PAXG use case PAXG fits one need cleanly: putting gold price exposure on-chain in a form crypto-native users can hold and use as collateral. Six years of operational history, billions in market cap, and direct redemption to physical gold. The product matches the use case. PAXG also serves as infrastructure across the broader gold-on-chain category: Lending platforms accept it as collateral Stablecoin protocols use it as a non-fiat reserve asset TradFi gold instruments may settle into or against it The Ayni Gold use case Ayni Gold solves something PAXG cannot. The protocol pays out in PAXG, sourced from gold extracted at the Minerales San Hilario concession, letting holders earn yield without leaving the asset. Hold the position. Receive gold. An AYNI position gives holders five things no vault-backed token offers: Yield paid in PAXG, denominated in gold not dollars Exposure to mining throughput rather than static stored metal Returns tied to actual mining output, not market sentiment or stored inventory No need to move capital across multiple protocols to chase income Gold-backed yield without giving up gold-denominated returns This is the underserved audience in DeFi: users who want gold exposure and income from it, in one position. Until this category emerged, the only options were vault tokens with no yield or DeFi strategies with no gold backing. Ayni Gold fills that gap directly. Where Each One Fits PAXG fits one use case directly. Users who want gold on-chain in a form that works in any DeFi wallet, settles cleanly, and redeems back to physical gold get exactly that. The limitation is what PAXG cannot do by design. The token represents stored gold, and stored gold produces nothing. Yield strategies built on PAXG require leaving the asset and accepting risk elsewhere. Ayni Gold answers the gap. The position pays out in PAXG, so the gold-denominated exposure stays intact, and the yield comes from extraction at the mine. For users who want gold exposure and staking rewards in gold without juggling protocols, that combination exists in only a handful of products. PAXG vs Ayni Gold is the wrong question. The real question is whether the gold a user holds should sit still or earn income while it sits. The Bottom Line PAXG represents a static asset: stored gold backing each token. Ayni Gold represents a productive asset: a share of the capacity that produces gold. PAXG gives price exposure with no native yield. Ayni Gold gives yield from real gold mining output, paid in PAXG itself. In the broader category of gold-backed tokens vs stablecoins, both products offer something stablecoins do not: durable value tied to gold. Only one of them adds yield to that exposure. For users weighing where to allocate, the question is what kind of gold position fits the goal. Stored gold for price exposure. Mining capacity for DeFi gold yield backed by real production. FAQ Should I hold PAXG or Ayni Gold? Neither answer is universal. PAXG fits users who want stable, audited, redeemable gold price exposure on-chain. Ayni Gold fits holders who pair that exposure with mining-output yield. Some users hold both for different reasons. Is Ayni Gold's yield paid in AYNI or in PAXG? Yield is paid in PAXG, not in AYNI. Holders receive a gold-backed stable yield, with the reward denominated in gold instead of tied to a project token that could move independently. How often are PAXG rewards distributed? Distribution is quarterly. AYNI stakers receive PAXG rewards every three months, with the amount tied to mining output for the quarter, net of operational costs and the protocol's success fee. What happens to yield if mining output drops? Yield drops with it. Returns track operational performance at the concession, so a quarter with lower extraction means a smaller PAXG distribution. The exposure works in reverse on stronger quarters as well. Can I redeem PAXG for physical gold? Yes, through Paxos directly. Holders with at least 430 PAXG (one London Good Delivery bar) can redeem for physical gold. Smaller positions can be redeemed for cash. Can I redeem AYNI tokens for physical gold? No. AYNI is not a redemption claim on stored gold. It is a position in mining capacity that pays out PAXG rewards from production. The PAXG received as rewards can, in turn be redeemed at Paxos. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

28 Apr 2026, 18:10

Best PAXG Alternatives for Gold Exposure in Crypto

Gold-backed crypto crossed $4.5 billion in market cap by early 2026 , with most of that value concentrated in PAXG and Tether Gold. For holders weighing how to put gold on-chain, the question is rarely whether tokenized gold works. It is which token fits which need. Some users want regulated price exposure with no surprises. Others want PAXG yield staking or income from a different source entirely. A few are looking for a chain that is not Ethereum, or a regulatory framework that is not US or Swiss. This article compares five gold-backed projects that are actively traded and answers different questions. PAXG sits as the reference. The others stand against it on what they offer that PAXG does not, including options for gold-backed crypto yield that vault-only models cannot match. How These Projects Compare The five projects differ in what they represent, where they are stored, what chain they live on, and whether they generate yield. The table below maps each project across those dimensions. Paxos Gold Tether Gold Ayni Gold Kinesis Comtech Gold Token represents 1 troy oz vaulted gold 1 troy oz vaulted gold 4 cm³/hr mining capacity 1g vaulted gold 1g vaulted gold Native yield None None Yes (PAXG, quarterly) Yes (fee share, monthly) None Chain Ethereum Ethereum, TRON, TON Ethereum Stellar-derived XDC Network Custody Brink's, London Tether vaults, Switzerland INGEMMET concession, Peru ABX vault network Transguard, UAE Best for Regulated price exposure Liquidity, multi-chain Yield from production Spendable gold + fee share Shariah-compliant exposure 1. Pax Gold (PAXG): The Regulated Benchmark Pax Gold is the reference point for gold-backed crypto. Each token represents one troy ounce of LBMA Good Delivery gold held by Paxos Trust Company in Brink's vaults in London. Paxos is regulated by the New York State Department of Financial Services, with monthly attestations from WithumSmith+Brown. The token launched in 2019. Market cap sits around $2.5 billion in early 2026, with daily volume above $200 million across Binance, Kraken, Coinbase, and Bybit. Holders with at least 430 PAXG (one London Good Delivery bar) can redeem for physical gold . Smaller positions can be redeemed for cash through Paxos. PAXG offers no native yield. Strategies that generate DeFi gold yield require leaving the asset and depositing into lending platforms like Aave or Compound, which adds smart contract and counterparty exposure to a position that started as plain gold price exposure. Best for: institutions, compliance-focused investors, and long-term holders who want regulated gold price exposure on-chain without yield complications. 2. Tether Gold (XAUT): The Largest by Market Cap Tether Gold is the largest tokenized gold asset, with a market cap of over $2.5 billion. Each XAUT represents one troy ounce of LBMA-certified gold stored in Swiss vaults, with serial numbers verifiable on-chain. Tether's subsidiary TG Commodities issues the token. XAUT differs from PAXG on chain availability. The token is issued on Ethereum, TRON, and TON via LayerZero, which broadens accessibility for users who do not want to pay Ethereum gas fees. Tether publishes regular proof-of-reserves reports, with quarterly audits from BDO. Fee structure: no recurring storage fees on the token, but a one-time 0.25% fee at issuance and redemption from the issuer. Like PAXG, XAUT does not function as a gold as a yield-generating asset on its own. Yield comes only from external DeFi strategies. Best for: active traders, multi-chain users, and holders who want deeper liquidity than PAXG offers on most pairs. 3. Ayni Gold (AYNI): Yield from Real Gold Mining Ayni Gold takes a different approach. Instead of tokenizing stored gold, it tokenizes mining capacity. Each AYNI token represents 4 cm³ per hour of processing capacity at the Minerales San Hilario concession in Peru, an 8 km² alluvial site registered with INGEMMET (concession No. 070011405). Total supply is fixed at 806,451,613 tokens . Smart contracts have been audited by CertiK in October 2025 and separately by PeckShield, with both reports published on the protocol's trust page. Stakers receive PAXG rewards quarterly, calculated from mining output minus operational costs and a success fee. The protocol also burns 15% of accumulated success fees every quarter, shrinking the circulating supply over time. For users who want to earn yield in gold without leaving gold-denominated exposure, Ayni Gold answers a question vault-backed tokens cannot. The position generates staking rewards in gold from real gold mining, not from external lending or token emissions. Best for: holders who want gold exposure plus income tied to mining output and accept the operational risk that comes with production-linked returns. 4. Kinesis Gold (KAU): Fee-Share Yield on Vaulted Gold Kinesis Gold has been live since 2019. Each KAU token represents one gram of investment-grade gold stored in ABX-approved vaults globally, with semi-annual audits from Inspectorate International. The token sits on a Stellar-derived chain optimized for fast settlement and low fees. Yield works differently from Ayni Gold. KAU holders receive a Holder's Yield, calculated from a 15% share of the Kinesis platform transaction fee revenue and distributed monthly. Users who mint new KAU through the platform receive an additional Minter's Yield from a separate 5% fee pool. As of late 2025, Kinesis had paid out more than $11 million to KAU holders. KAU is also spendable globally through the Kinesis Virtual Card on the Mastercard network. Holders can redeem the underlying gold for physical bars on demand, subject to withdrawal minimums. The token positions itself as a commodity-backed DeFi with everyday utility, where the yield source is platform activity instead of gold production. Best for: users who want gold that can be spent globally with passive income from platform transaction fees. 5. Comtech Gold (CGO): The Shariah-Compliant Option Comtech Gold launched in 2022 on the XDC Network. Each CGO token represents one gram of physical gold held by Transguard in the UAE, with ownership rights structured under XDC Trust Company. Market cap sits around $5.7 million in early 2026, with daily volume around $1 million. CGO is the first 100% Shariah-compliant gold-backed token, which gives it real positioning in Middle East and Southeast Asia portfolios where compliance with Islamic finance principles matters. Each token has its own audit trail, and tokens are redeemable for physical gold. Liquidity is smaller than the other entries on this list. CGO earns its position through a regulatory and structural niche that none of the others fill, not through volume or scale. Best for: investors in Shariah-compliant portfolios and users seeking jurisdictional diversification away from US, EU, and Swiss vaults. Where the Category Stands in 2026 The tokenized gold market has moved past the question of whether on-chain gold works. PAXG and XAUT settled that with combined market caps near $5 billion. The current question is which structure fits which need. Vault-backed tokens cover price exposure. Comtech Gold layers Shariah compliance onto that base. Kinesis adds platform-fee yield. Ayni Gold goes further, sourcing on-chain yield from real assets by tokenizing mining capacity and paying out in PAXG. Most users do not pick one and stop. The five fill different needs, and a portfolio that holds more than one is the natural shape of the category in 2026. FAQ Which gold-backed token has the most liquidity in 2026? Tether Gold (XAUT) by market cap, around $2.5 billion, with PAXG close behind at roughly $2.2 billion. The two control about 90% of the tokenized gold market. Which gold-backed tokens pay yield? Two on this list pay native yield. Kinesis distributes a share of platform transaction fees monthly. Ayni Gold distributes PAXG rewards quarterly, sourced from mining output at the Minerales San Hilario concession in Peru. Can I redeem these tokens for physical gold? Four can be. PAXG, XAUT, Kinesis, and Comtech Gold support physical redemption, subject to minimum quantities. AYNI is different. It represents mining capacity, not stored gold, though the PAXG received as staking rewards can be redeemed through Paxos. How do fees compare across these tokens? Most charge no recurring holding fees, including PAXG and Comtech Gold. XAUT charges 0.25% at issuance and redemption. Kinesis takes 0.22% per transaction, with part redistributed to holders as yield. Ayni Gold deducts mining costs and a success fee from quarterly PAXG distributions before they reach stakers. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.