Business
Iris Energy Limited Announces Monthly Investor Update for March 2022
US$71 million equipment financing facility closed with NYDIG 10% increase in Bitcoin mined and 14% increase in revenue SYDNEY, Australia, April 07, 2022
About this update from Iren Limited
[{"type":"text","content":"US$71 million equipment financing facility closed with NYDIG 10% increase in Bitcoin mined and 14% increase in revenue SYDNEY, Australia, April 07, 2022 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (“Iris Energy” or “the Company”), a leading sustainable Bitcoin miner which is building an institutional-grade infrastructure platform with 15 EH/s of secured miners (10 EH/s expected to be operational by early 2023), today published a monthly investor update for March 2022, containing its results from operations as well as construction and development updates. Key highlights Key metricsMar-22Average operating hashrate (PH/s)850Bitcoin mined1121Mining revenue (US$'000)5,136Electricity costs (US$'000)1,029Revenue per Bitcoin (US$)42,471Electricity costs per Bitcoin (US$)8,512 Corporate: An additional US$71 million equipment financing facility executed with NYDIG Limited recourse facilitySecured by 19,800 Bitmain S19j Pro miners (1.98 EH/s)25 month term, 11% p.a. interest rate~10 EH/s of the Company’s total stock of miners remain unencumberedSubstantial balance sheet flexibility to secure additional non-dilutive funding Welcomed new hires; Giles Walsh as Vice President – Operations (USA) and Kane Doyle as Senior Manager – Investor Relations Operations: Monthly operating revenue of US$5.1 million (+14% increase)121 Bitcoin mined (+10% increase)850 PH/s average operating hashrate (+1% increase) Construction: Mackenzie (2.4 EH/s, 80MW – BC, Canada) Construction activities for the first 0.3 EH/s (9MW) completed ahead of schedule, with the final steps of the grid connection process underwayConstruction continues to progress to schedule for the remainder of the initial 1.5 EH/s (50MW), with advancement of the substation and additional data center buildings Prince George (2.4 EH/s, 85MW – BC, Canada) Foundation works for the first data center building completed ahead of schedule during March and currently in progress for two additional data center buildingsSubstation excavation and foundation works also commenced in March, with general site grading and civil works continuing in parallel Childress (9.6 EH/s, 335MW – Texas, USA) Procurement and early mobilization activities continued to progress, with the site readying for commencement of construction Corporate update NYDIG equipment financing facility On March 28, 2022, Iris Energy an...