Business
Iris Energy Announces Monthly Investor Update for February 2023
Increasing self-mining capacity from 2.0 EH/s to 5.5 EH/s Reported financial results for 2Q FY23 SYDNEY, Australia, March 07, 2023 (GLOBE NEWSWIRE) -- Iris
About this update from Iren Limited
[{"type":"text","content":"Increasing self-mining capacity from 2.0 EH/s to 5.5 EH/s Reported financial results for 2Q FY23 SYDNEY, Australia, March 07, 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 February 2023, containing its results from operations as well as business updates. Key Highlights1 Key metrics2Feb-23Average operating hashrate (PH/s)1,730Bitcoin mined156Mining revenue (US$’000)3,539Electricity costs (US$’000)1,869Revenue per Bitcoin (US$)22,637Electricity costs per Bitcoin (US$)11,956 (10,608 adj)3 Corporate: US$67 million of remaining Bitmain prepayments utilized to acquire 4.4 EH/s of new S19j Pro miners without any additional cash outlayNewly acquired miners to be installed in the Company’s data centers, increasing self-mining operating capacity from 2.0 EH/s to 5.5 EH/s over the coming monthsReported financial results for the three and six-months ended December 31, 2022 and provided a general business update Operations (for the month of February 2023): Average operating hashrate of 1,730 PH/s (+10% vs. January)Monthly operating revenue of US$3.5 million (+2% vs. January)156 Bitcoin mined (-9% vs. January) Construction: Childress (20MW – Texas, USA) First data center building (20MW) structure is complete and mechanical equipment installation has commencedInternal data center electrical fit out continuingInitial 20MW data center nearing completion in the coming months with orders placed for the next 20MW of low voltage building transformersEnergization of the 600MW bulk substation (345kV) and commissioning of the 100MW primary substation (138kV) expected in the coming months Corporate update Increasing self-mining capacity from 2.0 EH/s to 5.5 EH/s On February 13, Iris Energy announced it is increasing its self-mining capacity from 2.0 EH/s to 5.5 EH/s. The Company successfully utilized remaining prepayments of US$67 million under its 10 EH/s contract with Bitmain, including a concurrent sale of 2.3 EH/s of the remaining 6.7 EH/s contracted miners to a third party, to acquire 4.4 EH/s of new S19j Pro miners without any additional cash outlay. Following the transaction, the Group’s obligations under its...