Business
Iris Energy Limited Announces Monthly Investor Update for February 2022
30MW increase at Mackenzie, increasing total power capacity to 795MW 5% increase in average operating hashrate to 844 PH/s SYDNEY, Australia, March 08, 2022
About this update from Iren Limited
[{"type":"text","content":"30MW increase at Mackenzie, increasing total power capacity to 795MW 5% increase in average operating hashrate to 844 PH/s SYDNEY, Australia, March 08, 2022 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (“Iris Energy” or “the Company”), a leading sustainable Bitcoin miner which is building an institutional grade infrastructure platform with 15 EH/s of secured miners (10 EH/s expected to be operational by early 2023), today published a monthly investor update for February 2022, containing its results from operations as well as construction and development updates. Key highlights Key metricsFeb-22Average operating hashrate (PH/s)844Bitcoin mined1110Mining revenue (US$'000)4,495Electricity costs (US$'000)895Revenue per Bitcoin (US$)40,789Electricity costs per Bitcoin (US$)8,118 Corporate: Reported inaugural quarterly earnings for the period ended December 31, 2021, including: Record revenue (US$20m, +93% vs. Q1 FY22)Record Adjusted EBITDA (US$14m, +156% vs. Q1 FY22)Record Adjusted EBITDA Margin (72% vs. 54% in Q1 FY22) Cantor Fitzgerald initiated research coverage on the Company during the month with an Overweight rating and a price target of $25 per share (vs. closing price of $14.42 per share as at March 4, 2021)Iris Energy’s total expected power capacity increased to 795MW, following an increase of 30MW to the expected capacity at the Mackenzie site Operations: 844 PH/s average operating hashrate in February (+5% increase)110 Bitcoin mined (12% decrease, due primarily to three less days in the period and an increase in the network difficulty), generating monthly operating revenue of US$4.5 million Construction: Mackenzie (2.4 EH/s, 80MW – BC, Canada) Expected capacity increased from 1.5 EH/s (50MW) to 2.4 EH/s (80MW) following additional project development activities – additional 0.9 EH/s (30MW) expected to come online in 2023Construction remains ahead of schedule – commissioning activities for the first 0.3 EH/s (9MW) have already commenced ahead of the anticipated operational start date in early Q2 2022 Prince George (2.4 EH/s, 85MW – BC, Canada) Foundation works for data center buildings commenced during February, and ahead of previous guidance of March, with site grading and civil works continuing in parallel Childress County (Panhandle) (9.6 EH/s, 335MW – Texas, USA) Following execution of the 600MW connection agr...