Business
IREN Business Update
Bitcoin Mining Expansion Paused at 52 EH/s Progressing Debt Financing Workstreams SYDNEY, March 31, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN)
About this update from Iren Limited
[{"type":"text","content":"Bitcoin Mining Expansion Paused at 52 EH/s Progressing Debt Financing Workstreams SYDNEY, March 31, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (together with its subsidiaries, “IREN”), today provided a business update and strategic outlook, highlighting momentum in its AI/HPC segments and an evolving capital allocation strategy aligned with current market conditions. “As we near completion of our 50 EH/s mining expansion, our focus is shifting to the next phase of growth and delivering scalable infrastructure for AI and HPC through our AI Cloud Services and AI Data Center businesses,” said Daniel Roberts, IREN Co-Founder and Co-CEO. “Our capital strategy prioritizes customer prepayments and a range of debt financing solutions, with the existing ATM facility providing a strategic backstop to support delivery certainty and ongoing commercial discussions relating to the AI Cloud Services and AI Data Center businesses.” Bitcoin Mining Expansion Paused IREN will pause all further Bitcoin Mining expansion upon completion of its 52 EH/s buildout. This strategic shift reflects a deliberate reallocation of capital and continued management focus toward AI data centers and cloud infrastructure, while continuing to leverage strong cashflows generated by IREN’s existing Bitcoin mining business. Core Business Overview IREN operates across three business verticals: Bitcoin Mining, AI Cloud Services, and AI Data Centers: 1. Bitcoin Mining Installed capacity increased from 31 EH/s to 35 EH/s, following energization of Childress Phase 4.On track to complete expansion to 50 EH/s in the coming months.Expected to generate $528 million in annualized illustrative net cashflow. 1Financing Strategy: IREN will pause all further Bitcoin Mining expansion upon completion of its 52 EH/s buildout and intends to reinvest mining cashflows to support growth of its AI Cloud Services and AI Data Center businesses. 2. AI Cloud Services Operating 1,896 GPUs, including NVIDIA H100 and H200 hardware.Utilized GPUs generating annualized run-rate revenue of $26 million as of March 31, 2025.2Seeing increased engagement around large-scale AI cloud infrastructure opportunities, particularly for multi-thousand air-cooled Blackwell B200 GPU clusters hosted at IREN’s Prince George data center following the release of DeepSeek.Financing Strategy: IREN is progressing G...