Business
IREN Announces Monthly Investor Update for February 2024
SYDNEY, Australia, March 06, 2024 (GLOBE NEWSWIRE) -- IREN (Iris Energy Limited) (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”), a
About this update from Iren Limited
[{"type":"text","content":"SYDNEY, Australia, March 06, 2024 (GLOBE NEWSWIRE) -- IREN (Iris Energy Limited) (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 published a monthly investor update for February 2024. Key Highlights Bitcoin MiningAI Cloud Services 310 Bitcoin mined in FebruaryRecord operating hashrate of 7 EH/s20 EH/s expansion in 2024 Contract signed with poolside AIExpansion to 816 NVIDIA H100 GPUs Data CentersCorporate Expanding to 460MW in 2024 Rebrand from Iris Energy to IRENSecond quarter results released Key Metrics Bitcoin Mining1Feb-24Jan-24Dec-23Average operating hashrate (PH/s)6,2995,6425,576Renewable energy usage (MW)2174163161Bitcoin mined310341399Mining revenue (US$'000)15,21214,46617,174Electricity costs (US$'000)36,2416,3765,926Revenue per Bitcoin (US$)49,13442,43643,056Electricity cost per Bitcoin (US$)20,15818,70514,858 Bitcoin Mining February operations Operating hashrate increased to 7 EH/s (Feb 29, 2024)Monthly mining revenue increased to $15.2m primarily due to higher average hashrate of 6.3 EH/s and higher Bitcoin price of $49.1k Expansion to 20 EH/s in 2024 H1 2024 (10 EH/s) - 7 EH/s installed, remaining 3 EH/s to be commissionedH2 2024 (20 EH/s) - 10 EH/s of new miners secured via fixed price contracts4, single site expansion at Childress AI Cloud Services GPU cloud service contract signed Contract secured with leading AI company, poolside, following rigorous customer testing requirementsInitial 3-month term and extension option for an additional 3-months at the customer's electionAdditional customer conversations ongoing Tripling AI cloud services business Fast-tracking AI cloud services business to 816 NVIDIA H100 GPUs with the purchase of 568 additional GPUsDelivery and commissioning of additional GPUs expected during Q2 2024Financing workstreams underway to support growth IREN's Prince George NVIDIA H100 cluster Data Centers Construction update Childress Phase 1 (first 100MW) Supports expansion to 10 EH/s in H1 202460MW energized, 40MW to be commissioned in the coming months Childress Phases 2 & 3 (next 200MW) Supports expansion to 20 EH/s in H2 2024Site civils & procurement underway. Phase 2 substation construction to commence this month Childress Phase 1 (100 MW) construction progress Data C...