Business
Iris Energy Announces Monthly Investor Update for August 2023
Negative 8c Power at Childress in August Targeting Next-Gen Compute and Generative AI with NVIDIA H100 GPUs SYDNEY, Australia, Sept. 06, 2023 (GLOBE NEWSWIRE)
About this update from Iren Limited
[{"type":"text","content":"Negative 8c Power at Childress in August Targeting Next-Gen Compute and Generative AI with NVIDIA H100 GPUs SYDNEY, Australia, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (\"Iris Energy\" or \"the Company\"), a leading owner and operator of institutional-grade, highly efficient proprietary Bitcoin mining data centers powered by 100% renewable energy, today published a monthly investor update for August 2023, containing its results from operations as well as business updates. Key Highlights1 Key metrics2Aug-23Average operating hashrate (PH/s)5,493Bitcoin mined410Mining revenue (US$’000)11,459Electricity costs (US$’000)4,342Revenue per Bitcoin (US$)27,937Electricity costs per Bitcoin (US$)10,586 Free electricity at Childress in August Negative realized electricity costs of ~US$0.08/kWh3Company was effectively paid ~$28k per Bitcoin to take power at Childress and generated a further ~$28k per Bitcoin in mining revenue (i.e. ~$56k mining profit4 per Bitcoin at Childress)580MW of additional power available at Childress for expansion Targeting next-gen compute and generative AI with NVIDIA H100 GPUs Initial purchase of 248 NVIDIA H100 GPUs for ~US$10 million5Bitcoin mining remains core; next-gen compute represents additional opportunity Childress construction (Phase 1, first 100MW) Mass grading civil works complete, data center concrete foundation works commencedConstruction remains on track for 20MW to 100MW expansionSupports hashrate growth from 5.6 EH/s to 9.1 EH/s6 Corporate update Free electricity at Childress in August Childress operated at negative realized electricity costs of ~US$0.08/kWh3. As a result, Iris Energy was effectively paid ~$28k per Bitcoin to take power at Childress and generated a further ~$28k per Bitcoin in mining revenue (i.e. ~$56k mining profit4 per Bitcoin at Childress). The Company was able to capitalize on heightened energy market volatility, dynamically trading Bitcoin mining profitability against electricity market pricing to drive down net electricity costs. Targeting next-gen compute and generative AI with NVIDIA H100 GPUs On August 29, 2023, the Company announced the purchase of NVIDIA’s latest-generation artificial intelligence (“AI”) H100 GPUs. The initial purchase of 248 NVIDIA H100 GPUs for ~US$10 million5 is expected to be delivered in the coming months and will allow...