Business
IREN March 2025 Monthly Update
SYDNEY, April 04, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”), today published its monthly
About this update from Iren Limited
[{"type":"text","content":"SYDNEY, April 04, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”), today published its monthly update for March 2025. March Highlights Operating data center capacity increased to 660MWBitcoin mining capacity now 37 EH/s, up from 31 EH/sOn track for 50 EH/s in H1 2025Pausing mining expansion at 52 EH/s for AI / HPCNew 600MW grid connection agreement signed2.75GW now secured for data centers in West TexasProgressing debt financing workstreams Key MetricsMar 25Feb 25Jan 25 Bitcoin Mining Average operating hashrate30.3 EH/s28.7 EH/s29.0 EH/sBitcoin mined3533 BTC459 BTC521 BTCRevenue (per Bitcoin)$85,012 $95,570 $99,789 Electricity cost (per Bitcoin)1($20,460) ($28,341) ($24,683) Revenue$45.3m$43.9m$52.0mElectricity costs1($10.9m)($13.0m)($12.9m)Hardware profit2$34.4m$30.9m$39.2mHardware profit margin476% 70% 75% AI Cloud Services Revenue$1.6m$1.2m$0.8mElectricity costs1($0.05m)($0.04m)($0.04m)Hardware profit2$1.5m$1.1m$0.8mHardware profit margin497% 96% 96% Management Commentary “As we approach our 50 EH/s milestone, we’re pausing further Bitcoin mining expansion and narrowing our focus on scaling our AI Cloud Services and AI Data Center businesses,” said Daniel Roberts, IREN Co-Founder and Co-CEO. “This month, we secured an additional 600MW of grid-connected capacity, reflecting years of groundwork and bringing our total secured power capacity in West Texas to 2.75GW. This strengthens our position as a leading data center developer and sets us apart from speculative pipelines. We’re also closely monitoring recent tariff changes and their potential impact on our supply chains.” “Our capital strategy for AI opportunities prioritizes customer prepayments and a range of debt financing solutions, with the at-the-market facility serving as a strategic backstop to enhance execution certainty and support ongoing commercial engagement across our AI platform.” Technical Commentary Bitcoin Mining Maintaining strong and resilient margins - lower Bitcoin prices in March offset by lower electricity costs, underpinned by our energy market intelligence and algorithms (2.5 c/kWh Childress power price driving ~$20k electricity cost per Bitcoin)137 EH/s installed after month-end, on track for 50 EH/s in H1 2025 - expected to generate annualized illustrative net cashflows of $528m at 50 EH...