IREN Limited operates in the vertically integrated data center business in Australia and Canada. The company owns and operates computing hardware, as well as electrical infrastructure and data centers. It also mines Bitcoin, a scarce digital asset that is created and transmitted through the operation of a peer-to-peer network of computers running the Bitcoin software. The company was formerly known …
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Competitive advantage assessment
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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IREN LIMITED ranks #8 of 11
scored companies in Crypto Mining & Compute by moat score — the top 73%.
The widest moat in the group is CleanSpark, Inc. (CLSK)
at 82/100.
Moat scores for companies ranked near IREN in Crypto Mining & Compute
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 26
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 48
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 35
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 58
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 52
· 15% of the moat score
Scale matters only when it converts into economics.
IREN LIMITED (IREN) scores 44 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #8 of 11 scored companies in Crypto Mining & Compute, the top 73%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 10 companies in Crypto Mining & Compute. Its strongest defense is Resilience (58/100) and its weakest is Cost Advantage (26/100).
How does IREN LIMITED compare with other Crypto Mining & Compute companies?
IREN LIMITED ranks #8 of 11 scored companies in Crypto Mining & Compute by moat score. The widest moat in Crypto Mining & Compute is CleanSpark, Inc. (CLSK) at 82/100. The companies ranked closest are Riot Platforms, Inc. (RIOT) at 44 just above it and TeraWulf Inc. (WULF) at 38 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 10 companies in Crypto Mining & Compute. The defenses are then weighted to produce the overall score out of 100.
Why is IREN LIMITED scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for IREN LIMITED?
The Corporate Default template measures 6 defenses, and IREN scores: Pricing Power (42), Cost Advantage (26), Customer Stickiness (48), Capital Efficiency (35), Resilience (58), Scale & Market Position (52). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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