Iris Energy Limited (NASDAQ: IREN) (together with its subsidiaries,
“
IREN”) today provided a business update.
“We are pleased to announce that we’ve reached our 20 EH/s
milestone ahead of schedule. This achievement reflects the hard
work of our global team. Thank you for your dedication and efforts
in making this happen,” said Daniel Roberts, Co-Founder and Co-CEO
of IREN. “We look forward to continuing this momentum as we expand
to over 30 EH/s in the next three months.”
IREN achieves 20 EH/s milestone
IREN has increased its installed capacity to 20 EH/s (16 J/TH
efficiency).
Through optimization of its existing data center infrastructure,
IREN now expects to increase its installed capacity to 21 EH/s in
the coming days.
On track for 31 EH/s in 4Q 2024
Childress Phase 3 (150MW) construction is well underway, with
approximately 430 people mobilized to site.
As part of the expansion from 21 EH/s to 31 EH/s, previously
purchased Bitmain S21 XP miners (13.5 J/TH) are scheduled for
shipping over the next 2 months.
Based on 31 EH/s (15 J/TH efficiency):
- $20k electricity
cost per Bitcoin mined1
- $30k all-in cash
cost per Bitcoin mined2
Pathway to industry leadership
Childress Phase 2 and 3 construction(September 2024)
Assumptions and Notes
- Calculations assume 662 EH/s (global hashrate), 3.125 BTC
(block reward), 0.1 BTC (transaction fees), 0.15% (pool fees),
484MW (power consumption), $0.038/kWh electricity costs (4.5c/kWh
BC, 3.5c/kWh Childress – note August 2024 electricity price at
Childress of 3.1c/kWh following transition to spot pricing).
- Estimated all-in cash costs per Bitcoin mined at 31 EH/s
include electricity costs (as noted above) and indicative all other
opex (including all corporate overheads) of ~$80m per annum.
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 IREN’s future financial or operating performance.
For example, forward-looking statements include but are not limited
to IREN’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 its
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, any of which could restrict its
business operations and adversely impact its financial condition,
cash flows and results of operations; 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 to diversify and expand into the market for high
performance computing (“HPC”) solutions it may offer (including the
market for AI Cloud Services); IREN’s limited experience with
respect to new markets it has entered or may seek to enter,
including the market for HPC solutions (including AI Cloud
Services); 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 current and future HPC solutions
(including AI Cloud Services) 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
markets for HPC solutions (including AI Cloud Services); IREN’s
ability to manage counterparty risk (including credit risk)
associated with any current or future customers, including
customers of its HPC solutions (including AI Cloud Services) and
other counterparties; the risk that any current or future
customers, including customers of its HPC solutions (including AI
Cloud Services), or other counterparties may terminate, default on
or underperform their contractual obligations; Bitcoin global
hashrate fluctuations; IREN’s ability to secure renewable energy,
renewable energy certificates, power capacity, facilities and sites
on commercially reasonable terms or at all; delays associated with,
or failure to obtain or complete, permitting approvals, grid
connections and other development activities customary for
greenfield or brownfield infrastructure projects; IREN’s reliance
on power and utilities providers, third party mining pools,
exchanges, banks, insurance providers and its 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 miner 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 any
current or future HPC solutions (including AI Cloud Services) it
offers, 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 any current or future HPC solutions (including AI Cloud
Services) IREN offers); 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’s ability to obtain, maintain,
protect and enforce its intellectual property rights and
confidential information; any intellectual property infringement
and product liability claims; whether the secular trends IREN
expects to drive growth in its business materialize to the degree
it expects them to, or at all; any pending or future acquisitions,
dispositions, joint ventures or other strategic transactions; 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 IREN’s
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; IREN's failure to comply with any laws
including the anti-corruption laws of the United States and various
international jurisdictions; any failure of IREN's 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 services it offers, including laws and
regulations related to data privacy, cybersecurity, the storage,
use or processing of information and consumer laws; IREN’s ability
to attract, motivate and retain senior management and qualified
employees; increased risks to IREN’s 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 IREN’s
business, financial condition and results of operations; public
health crises, including an outbreak of an infectious disease (such
as COVID-19) and any governmental or industry measures taken in
response; IREN’s ability to remain competitive in dynamic and
rapidly evolving industries; damage to IREN’s brand and reputation;
expectations relating to Environmental, Social or 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 August 28,
2024 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 investor update. Any
forward-looking statement that IREN makes in this investor update
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.
Non-IFRS Financial Measures
This investor update includes non-IFRS financial
measures, including electricity costs (presented on a net basis).
We provide these measures in addition to, and not as a substitute
for, measures of financial performance prepared in accordance with
IFRS. There are a number of limitations related to the use of
non-IFRS financial measures. For example, other companies,
including companies in our industry, may calculate these measures
differently. IREN believes that these measures are important and
supplement discussions and analysis of its results of operations
and enhances an understanding of its operating performance.
Electricity costs are calculated as our IFRS Electricity charges
net of Realized gain/(loss) on financial asset, ERS revenue
(included in Other income) and ERS fees (included in Other
operating expenses), and excludes the cost of RECs.
About IREN
IREN is a leading 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 31 EH/s in
2024. Operations since 2019.
- AI Cloud Services:
providing cloud compute to AI customers, 1,896 NVIDIA H100 &
H200 GPUs. Operations since 2024.
- Next-Generation Data
Centers: 345MW of operating data centers, expanding to 510MW 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: 2,310MW of grid-connected power secured across North
America, >1,000 acre property portfolio and additional
development pipeline.
- 100% Renewable
Energy (from clean or renewable energy sources or through the
purchase of RECs): 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
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Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f364061d-d227-47d9-b226-ce0b30a6a15d
https://www.globenewswire.com/NewsRoom/AttachmentNg/f796e473-6215-4d37-91ea-6b5f738b7f4a
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