Iris Energy Limited (NASDAQ: IREN) (together with its subsidiaries,
“Iris Energy”, or the “Company”), a leading owner and operator of
institutional-grade, highly efficient Bitcoin mining data centers
powered by 100% renewable energy, today announced the purchase of
NVIDIA’s latest-generation artificial intelligence (“AI”) H100
GPUs.
Key Highlights
- Company’s
next-generation data centers to now target the generative AI
market
- Initial purchase
of 248 NVIDIA H100 GPUs for ~US$10 million1
- Core business
remains Bitcoin mining; generative AI represents additional
opportunity
Bitcoin mining continues to be an attractive
business for the Company. Potential expansion into adjacent
computing markets, including generative AI, is enabled through:
- Next-generation
data centers designed, tested and proven for power dense
computing
- Proprietary,
high-efficiency cooling systems
- 100% renewable
energy
- 760MW of
available power capacity2
- Management team
track record & experience
The initial purchase of 248 NVIDIA H100 GPUs for
~US$10 million1 is expected to be delivered in the coming months
and will allow the Company to:
- Further assess
the appropriateness of its next-generation data centers for
servicing adjacent computing markets such as generative AI3
- Demonstrate
capability to prospective customers
Daniel Roberts, Co-Founder and Co-CEO of Iris
Energy, commented:
“Leveraging our next-generation data centers
into generative AI is an exciting opportunity, particularly given
current industry shortages in rack space and compute. We believe
demand for sustainable computing is unlikely to go away, and feel
we are uniquely positioned to capture ongoing growth in the broader
industry; whether that be ASICs for Bitcoin mining, or GPUs for
generative AI and beyond.”
Denis Skrinnikoff, Chief Technology Officer of
Iris Energy, commented:
“Having spent my career building, designing and
operating Tier 2-4 data center facilities, I believe Iris Energy is
uniquely positioned to capitalize on the generative AI opportunity.
Without the constraints of more traditional colocation &
hyperscale data centers, we envisage being able to continue
developing and delivering cutting-edge, fit-for-purpose and
eco-friendly compute.”
About Iris Energy
Iris Energy is a sustainable Bitcoin mining
company that supports the decarbonization of energy markets and the
global Bitcoin network.
- 100% renewables:
Iris Energy targets sites with low-cost, under-utilized renewable
energy, and supports local communities
- Long-term security
over infrastructure, land and power supply: Iris Energy builds,
owns and operates its electrical infrastructure and proprietary
data centers, providing long-term security and operational control
over its assets
- Seasoned management
team: Iris Energy’s team has an impressive track record of success
across energy, infrastructure, renewables, finance, digital assets
and data centers with cumulative experience in delivering >US$25
billion in energy and infrastructure projects globally
Forward-Looking Statements
This investor update includes “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally relate to
future events or Iris Energy’s future financial or operating
performance. For example, forward-looking statements include but
are not limited to the Company’s business strategy, expected
operational and financial results, and expected increase in power
capacity and hashrate. In some cases, you can identify
forward-looking statements by terminology such as “anticipate,”
“believe,” “may,” “can,” “should,” “could,” “might,” “plan,”
“possible,” “project,” “strive,” “budget,” “forecast,” “expect,”
“intend,” “target”, “will,” “estimate,” “predict,” “potential,”
“continue,” “scheduled” or the negatives of these terms or
variations of them or similar terminology, but the absence of these
words does not mean that statement is not forward-looking. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
In addition, any statements or information that refer to
expectations, beliefs, plans, projections, objectives, performance
or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking.
These forward-looking statements are based on
management’s current expectations and beliefs. These statements are
neither promises nor guarantees, but involve known and unknown
risks, uncertainties and other important factors that may cause
Iris Energy’s actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, including, but not limited to: Iris Energy’s limited
operating history with operating losses; electricity outage,
limitation or availability of electricity supply or increase in
electricity costs, as well as limitations on the availability of
electrical supply due to restrictions imposed by governmental
authorities or otherwise, particularly as it relates to Bitcoin
mining and/or high-performance computing (“HPC”) solutions; long
term outage or limitation of the internet connection at Iris
Energy’s sites; any critical failure of key electrical or data
center equipment; serial defects or underperformance with respect
to Iris Energy’s equipment; failure of suppliers to perform under
the equipment supply contracts which may delay Iris Energy’s
expansion plans and implementation of its strategy to expand into
HPC solutions; supply chain and logistics issues for Iris Energy or
Iris Energy’s suppliers; cancellation or withdrawal of required
operating and other permits and licenses; customary risks in
developing greenfield and brownfield infrastructure projects; Iris
Energy’s evolving business model and strategy, including its
ability to continue to develop its existing data center sites and
to increase its diversification into the market for HPC solutions;
Iris Energy’s limited experience with respect to new markets it may
seek to enter, including the market for HPC solutions; expectations
with respect to the profitability, viability, operability,
security, popularity and public perceptions of any HPC solutions
that Iris Energy may offer; Iris Energy’s ability to manage
counterparty risk (including credit risk) associated with potential
customers and other counterparties; Iris Energy’s ability to
successfully manage its growth; Iris Energy’s ability to raise
additional financing (whether because of the conditions of the
markets, Iris Energy’s financial condition or otherwise) on a
timely basis, or at all, which could adversely impact the Company’s
ability to meet its capital needs and growth plans; the outcome of
the legal and bankruptcy proceedings relating to Iris Energy’s
limited recourse equipment financing, including the amount of any
potential damages, settlement payments or liability that may be
incurred by the Iris Energy, any of which could be higher than
anticipated; the risk that legal and bankruptcy proceedings result
in significant legal and other costs and damage to Iris Energy’s
reputation, and distract management’s attention; the terms of any
additional financing which could be less favorable or require Iris
Energy to comply with more onerous covenants or restrictions, any
of which could restrict its business operations and adversely
impact its financial condition, cash flows and results of
operations; competition; Bitcoin prices, global hashrate and the
market value of Bitcoin miners, any of which could adversely impact
its financial condition, cash flows and results of operations, as
well as its ability to raise additional financing; market demand
for HPC solutions and Iris Energy’s ability to secure customers on
commercially reasonable terms or at all, and ability to manage and
maintain customer relationships, risks related to public health
crises and pandemics including those of COVID-19; changes in
regulation of digital assets and/or the HPC industry; and other
important factors discussed under the caption “Risk Factors” in
Iris Energy’s annual report on Form 20-F filed with the SEC on
September 13, 2022, and the Company’s report on Form 6-K filed with
the SEC on February 15, 2023, as such factors may be updated from
time to time in its other filings with the SEC, accessible on the
SEC’s website at www.sec.gov and the Investor Relations section of
Iris Energy’s website at https://investors.irisenergy.co.
These and other important factors could cause
actual results to differ materially from those indicated by the
forward-looking statements made in this investor update. Any
forward-looking statement that Iris Energy makes in this investor
update speaks only as of the date of such statement. Except as
required by law, Iris Energy disclaims any obligation to update or
revise, or to publicly announce any update or revision to, any of
the forward-looking statements, whether as a result of new
information, future events or otherwise.
Contacts
Investors |
Media |
Lincoln Tan |
Jon Snowball |
Iris Energy |
Domestique |
+61 407 423 395 |
+61 477 946 068 |
lincoln.tan@irisenergy.co |
|
To keep updated on Iris Energy’s news releases
and SEC filings, please subscribe to email alerts at
https://investors.irisenergy.co/ir-resources/email-alerts.
_______________________
1 Excludes certain components, e.g. storage and certain
front-end networking components.2 Including 180MW data centers
operational, 80MW under construction and 500MW additional available
power capacity.3 No material modifications currently expected.
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