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Iris Energy Increases Self-Mining Capacity From 2.0 EH/s to 5.5 EH/s
SYDNEY, Australia, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (together with its subsidiaries, “Iris Energy”, “the Company” or “the
About this update from Iren Limited
[{"type":"text","content":"SYDNEY, Australia, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (together with its subsidiaries, “Iris Energy”, “the Company” or “the Group”), a leading owner and operator of institutional-grade, highly efficient Bitcoin mining data centers powered by 100% renewable energy, today announced it is increasing its self-mining capacity from 2.0 EH/s to 5.5 EH/s. Key Highlights 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/s1 to 5.5 EH/s over the coming monthsConsidering options for the sale of surplus miners to re-invest in growth initiatives and/or corporate purposes Iris Energy has 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. The Company’s 180MW of data center capacity across British Columbia and Texas is expected to power 5.5 EH/s of high efficiency S19j Pro miners (29.5 J/TH) over the coming months. The transaction fulfills the Company’s stated goal of utilizing its data centers for 5.5 EH/s of self-mining capacity and is expected to deliver substantially higher revenue growth as compared to the alternative of third-party hosting – see recent investor update for further information. The Company is also considering options for the sale of surplus miners (above 5.5 EH/s of self-mining capacity) to re-invest in growth initiatives and/or corporate purposes. Following the transaction, the Group’s obligations under its existing 10 EH/s contract with Bitmain have been fully resolved, with no remaining commitments. The Group remains debt free2. The Company also expects energization of its 600MW site at Childress in the coming months, including completion of the first 20MW of data center capacity. Approximately $18 million in previous deposits with AEP Texas are expected to be refunded following energization at Childress. Iris Energy’s Co-Founder & Co-CEO, Daniel Roberts, said: “This is a significant milestone for Iris Energy. We are delighted to have been able to utilize our...