Iris Energy Limited (dba IREN) (NASDAQ: IREN) (together with its
subsidiaries, “IREN” or “the Company”), a leading next-generation
data center business powering the future of Bitcoin, AI and beyond,
today provided a business update.
IREN is pleased to provide an update on its expansion to 20 EH/s
in 2024:
- H1 2024 (10
EH/s):
- Operating hashrate
now increased to 7 EH/s
- Remaining 3 EH/s to
be commissioned through H1 2024
- H2 2024 (20
EH/s):
- 10 EH/s of new
Bitmain T21 miners1 secured via fixed price contracts
- 200MW expansion at
existing Childress data center
About IREN
IREN is a leading next-generation data center business powering
the future of Bitcoin, AI and beyond utilizing 100% renewable
energy.
- Bitcoin Mining:
providing security to the Bitcoin network, expanding to 20 EH/s in
2024. Operations since 2019.
- AI Cloud Services:
providing cloud compute to AI customers, expanding to 816 NVIDIA
H100 GPUs. Operations since 2024.
- Next-Generation Data
Centers: 220MW of operating data centers, expanding to 460MW in
2024. Specifically designed and purpose-built infrastructure for
high-performance and power-dense computing applications.
- Technology:
technology stack for performance optimization of AI Cloud Services,
Bitcoin Mining and energy trading operations.
- Development
Portfolio: 2,160MW of secured power capacity across North America,
>1,000 acre property portfolio and additional development
pipeline.
- 100% Renewable
Energy: targets sites with low-cost & underutilized renewable
energy and supports electrical grids and local communities.
Contacts
MediaJon Snowball Domestique +61 477 946
068Danielle GhiglieraAircover Communications+1 510 333 2707 |
InvestorsLincoln Tan IREN+61 407 423
395lincoln.tan@iren.com |
To keep updated on IREN’s news releases and SEC filings, please
subscribe to email alerts at
https://investors.iren.com/ir-resources/email-alerts.
Forward-Looking Statements
This press release 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 IREN’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 IREN’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: Bitcoin price and foreign currency exchange
rate fluctuations; IREN’s ability to obtain additional capital on
commercially reasonable terms and in a timely manner to meet our
capital needs and facilitate its expansion plans; the terms of any
future financing or any refinancing, restructuring or modification
to the terms of any future financing, which could require IREN to
comply with onerous covenants or restrictions, and its ability to
service its debt obligations; IREN’s ability to successfully
execute on its growth strategies and operating plans, including its
ability to continue to develop its existing data center sites and
its ability to diversify into the market for High Performance
Computing (“HPC”) solutions; IREN’s limited experience with respect
to new markets it has entered or may seek to enter, including the
market for HPC solutions; expectations with respect to the ongoing
profitability, viability, operability, security, popularity and
public perceptions of the Bitcoin network; expectations with
respect to the profitability, viability, operability, security,
popularity and public perceptions of any HPC solutions that IREN
offers; IREN’s ability to secure and retain customers on
commercially reasonable terms or at all, particularly as it relates
to its strategy to expand into HPC solutions; IREN’s limited
experience with respect to new markets it has entered or may seek
to enter, including the market for HPC solutions; expectations with
respect to the ongoing profitability, viability, operability,
security, popularity and public perceptions of the Bitcoin network;
expectations with respect to the profitability, viability,
operability, security, popularity and public perceptions of any HPC
solutions IREN offers; IREN’s ability to secure and retain
customers on commercially reasonable terms or at all, particularly
as it relates to its strategy to expand into HPC solutions; IREN’s
ability to manage counterparty risk (including credit risk)
associated with any current or future customers and other
counterparties; IREN’s ability to secure renewable energy,
renewable energy certificates, power capacity, facilities and sites
on commercially reasonable terms or at all; the risk that any
current or future customers or counterparties may terminate,
default on or underperform their contractual obligations; Bitcoin
global hashrate fluctuations; delays associated with, or failure to
obtain or complete, permitting approvals, grid connections and
other development activities customary for greenfield or brownfield
infrastructure projects; our reliance on power utilities providers,
third party mining pools, exchanges, banks, insurance providers and
our ability to maintain relationships with such parties;
expectations regarding availability and pricing of electricity;
IREN’s participation and ability to successfully participate in
demand response products and services and other load management
programs run, operated or offered by electricity network operators,
regulators or electricity market operators; the availability,
reliability and/or cost of electricity supply, hardware and
electrical and data center infrastructure, including with respect
to any electricity outages and any laws and regulations that may
restrict the electricity supply available to IREN; any variance
between the actual operating performance of IREN’s hardware
achieved compared to the nameplate performance including hashrate;
IREN’s ability to curtail its electricity consumption and/or
monetize electricity depending on market conditions, including
changes in Bitcoin mining economics and prevailing electricity
prices; actions undertaken by electricity network and market
operators, regulators, governments or communities in the regions in
which IREN operates; the availability, suitability, reliability and
cost of internet connections at IREN’s facilities; IREN’s ability
to secure additional hardware, including hardware for Bitcoin
mining and HPC solutions it may offer, on commercially reasonable
terms or at all, and any delays or reductions in the supply of such
hardware or increases in the cost of procuring such hardware;
expectations with respect to the useful life and obsolescence of
hardware (including hardware for Bitcoin mining as well as hardware
for other applications, including HPC solutions IREN may offer);
delays, increases in costs or reductions in the supply of equipment
used in IREN’s operations; IREN’s ability to operate in an evolving
regulatory environment; IREN’s ability to successfully operate and
maintain its property and infrastructure; reliability and
performance of IREN’s infrastructure compared to expectations;
malicious attacks on IREN’s property, infrastructure or IT systems;
IREN’s ability to maintain in good standing the operating and other
permits and licenses required for its operations and business; IREN
ability to obtain, maintain, protect and enforce its intellectual
property rights and other confidential information; whether the
secular trends IREN expects to drive growth in its business
materialize to the degree it expects them to, or at all; the
occurrence of any environmental, health and safety incidents at
IREN’s sites, and any material costs relating to environmental,
health and safety requirements or liabilities; damage to our
property and infrastructure and the risk that any insurance IREN
maintains may not fully cover all potential exposures; ongoing
proceedings relating to the default by two of IREN’s wholly-owned
special purpose vehicles under limited recourse equipment financing
facilities; ongoing securities litigation relating in part to the
default; and any future litigation, claims and/or regulatory
investigations, and the costs, expenses, use of resources,
diversion of management time and efforts, liability and damages
that may result therefrom; our failure to comply with any laws
including the anti-corruption laws of the United States and various
international jurisdictions; any failure of our compliance and risk
management methods; any laws, regulations and ethical standards
that may relate to IREN’s business, including those that relate to
Bitcoin and the Bitcoin mining industry and those that relate to
any other solutions we may offer (such as HPC solutions), including
regulations related to data privacy, cybersecurity and the storage,
use or processing of information; any intellectual property
infringement and product liability claims; our ability to attract,
motivate and retain senior management and qualified employees;
increased risks to our global operations including, but not limited
to, political instability, acts of terrorism, theft and vandalism,
cyberattacks and other cybersecurity incidents and unexpected
regulatory and economic sanctions changes, among other things;
climate change, severe weather conditions and natural and man-made
disasters that may materially adversely affect our business,
financial condition and results of operations; the ongoing effects
of COVID-19 or any other outbreak of an infectious disease and any
governmental or industry measures taken in response; our ability to
remain competitive in dynamic and rapidly evolving industries;
damage to our brand and reputation; expectations relating to
Environmental, Social and Governance issues or reporting; the costs
of being a public company; and other important factors discussed
under the caption “Risk Factors” in IREN’s annual report on Form
20-F filed with the SEC on September 13, 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 IREN’s website at
https://investors.iren.com.
These and other important factors could cause actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any forward-looking
statement that IREN makes in this press release speaks only as of
the date of such statement. Except as required by law, IREN
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.
__________________
1 Comprised of miner purchase options with Bitmain for 9 EH/s of
T21 miners plus additional miner purchases of 1 EH/s. Decisions
with respect to Childress expansion and exercising all, some or
none of the miner purchase options will be made during 2024, taking
into consideration market conditions, shareholder value and funding
availability. In addition, the Company retains flexibility to
utilize miner purchase options for purposes of upgrading some or
all of its existing fleet.
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