Business
Iris Energy Announces Monthly Investor Update for May 2023
Average operating capacity increased by 39% to 5.5 EH/s Fully-funded expansion to 6.5 EH/s underway New auditor appointed SYDNEY, Australia, June 06, 2023
About this update from Iren Limited
[{"type":"text","content":"Average operating capacity increased by 39% to 5.5 EH/s Fully-funded expansion to 6.5 EH/s underway New auditor appointed SYDNEY, Australia, June 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 May 2023, containing its results from operations as well as business updates. Key Highlights1 Key metrics2May-23Average operating hashrate (PH/s)5,510Bitcoin mined508Mining revenue (US$’000)13,526Electricity costs (US$’000)6,056Revenue per Bitcoin (US$)26,628Electricity costs per Bitcoin (US$)11,922 Corporate: Increased average operating hashrate by 39% to 5.5 EH/sInvestor update held on May 10, fully-funded expansion to 6.5 EH/s announcedRaymond Chabot Grant Thornton LLP appointed as new auditorFurther ordinary shares acquired by a director, Mr. Michael Alfred Operations (for the month of May 2023): Average operating hashrate of 5,510 PH/s (+39% vs. April)Monthly operating revenue of US$13.5 million (+50% vs. April)508 Bitcoin mined (+59% vs. April) Construction: Childress (40MW – Texas, USA) First 20MW data center completeSecond 20MW data center underway (i.e. expansion to 6.5 EH/s)Rapid, efficient and near-term growth pathway for remaining 560MW Corporate update Increased average operating hashrate by 39% to 5.5 EH/s Iris Energy is pleased to advise that it has increased its average operating hashrate from 4.0 EH/s to 5.5 EH/s, reflecting a 39% increase and first full month of operations at Childress. As of May 31, our operating hashrate has further increased to 5.6 EH/s. Fully-funded expansion to 6.5 EH/s underway On May 10, Iris Energy provided an investor update. Key highlights: Robust balance sheet with $54.8m cash3 and no debtExpansion from 1.7 EH/s to 5.5 EH/s completed in 12 weeks5.5 EH/s underpins strong operating cashflow generationFully-funded expansion to 6.5 EH/s underway4Automated power cost optimization initiatives implemented at Childress – allowing seamless transition between Bitcoin mining and energy trading to optimize profitability The webcast and the Company’s latest investor presentation are available on the Company’s website here: https://investors.irisenergy.co/events-and-p...