Business
Iris Energy Announces Monthly Investor Update for November 2022
Strategic update – “Everything changes, everything remains the same” Mackenzie 30MW infrastructure expansion energized ahead of schedule SYDNEY, Australia,
About this update from Iren Limited
[{"type":"text","content":"Strategic update – “Everything changes, everything remains the same” Mackenzie 30MW infrastructure expansion energized ahead of schedule SYDNEY, Australia, Dec. 13, 2022 (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 November 2022, containing its results from operations as well as construction and development updates. Key Highlights1 Key metrics2Nov-22Average operating hashrate (PH/s)1,445Bitcoin mined151Mining revenue (US$’000)2,871Electricity costs (US$’000)1,905Revenue per Bitcoin (US$)18,955Electricity costs per Bitcoin (US$)12,581 (10,168 adj)3 Corporate: On December 6, the Company provided an investor update – “Everything changes, everything remains the same” – in respect of its positioning, go-forward opportunities, and strategic priorities Risk-focused approach positions the Company to weather the storm and capitalize on the next bull runLiquidity (as of month end) $47 million cash, no debt4$21 million estimated net capex spend to achieve 180MW5$75 million remaining Bitmain prepayments$100 million unutilized under B. Riley equity facility6Potential monetization of assets through miner sales (2.4 EH/s down to 2.0 EH/s7) Opportunities Significant optionality from 180MW real assets platform (e.g. self-mining or hosting)Focus on expanding self-mining capacity to 5.4 EH/sPotential additional expansion from 20MW to 600MW at Childress On November 21, the Company also provided a corporate update and announced certain preliminary financial information and operational updates for Q1 FY23 and October 2022 Operations (for the month of November 2022): Average operating hashrate of 1,445 PH/s (-63% vs. October)8Monthly operating revenue of $2.9 million (-67% vs. October)151 Bitcoin mined (-66% vs. October) The reduction in operating metrics (vs. October) primarily reflects termination of hosting arrangements during the month in connection with certain of the Group’s limited recourse equipment financing facilities following receipt of an acceleration notice from the relevant lender under such facilities9 Construction: Mackenzie (80MW – BC, Canada) Expansion from 50MW to 80MW energized on December 6, 2022, th...