Business
Iris Energy Limited Announces Monthly Investor Update for June 2022
Operating guidance increased from 3.7 EH/s to 4.3 EH/s in 2022 Mackenzie development activities progressing ahead of schedule SYDNEY, Australia, July 07, 2022
About this update from Iren Limited
[{"type":"text","content":"Operating guidance increased from 3.7 EH/s to 4.3 EH/s in 2022 Mackenzie development activities progressing ahead of schedule SYDNEY, Australia, July 07, 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 (4.3 EH/s expected to be operational by the end of Q4 2022), today published a monthly investor update for June 2022, containing its results from operations as well as construction and development updates. Key highlights1 Key metrics2Jun-22Average operating hashrate (PH/s)1,164Bitcoin mined3148Mining revenue (US$'000)3,546Electricity costs (US$'000)41,315Revenue per Bitcoin (US$)23,925Electricity costs per Bitcoin (US$)8,875 Corporate: Operating capacity guidance increased from 3.7 EH/s to 4.3 EH/s by the end of Q4 2022Deferral of additional major capital expenditure for work beyond the initial 4.3 EH/s of operating capacityPreservation of balance sheet flexibility having regard to market conditions and available financing terms Operations: Average operating hashrate of 1,164 PH/sMonthly operating revenue of US$3.5 million148 Bitcoin mined Development: Development has progressed ahead of schedule for expansion from 50MW to 80MW at the Mackenzie site, now expected to be operating by the end of Q4 2022 (previously 2023) Construction: Mackenzie (2.1 EH/s, 50MW initial / 80MW total – BC, Canada) Internal data center fit out complete for the remainder of the first 50MWAll major equipment installed in the substation; testing and commissioning ongoing Prince George (1.4 EH/s, 50MW – BC, Canada) Foundation works complete for all three data center buildings (2 x 20MW, 1 x 10MW)Building construction advanced on the first and second data center buildings (20MW and 10MW), with the third data center building (20MW) underwayErection of the structural steel in the substation progressing Childress (preparatory construction activities – Texas, USA) Preparatory construction activities remain ongoingProcurement and early works continued with all required construction permits in placeKey long-lead items have been purchased (including step-down transformers and associated circuit breakers) Corporate update On June 21, 2022, the Company announced that, given current market conditions, it intends to defer add...