Business
July 2024 Monthly Investor Update
SYDNEY, Aug. 06, 2024 (GLOBE NEWSWIRE) -- IREN (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”), a leading next-generation data center
About this update from Iren Limited
[{"type":"text","content":"SYDNEY, Aug. 06, 2024 (GLOBE NEWSWIRE) -- IREN (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”), a leading next-generation data center business powering the future of Bitcoin, AI and beyond, today published a monthly investor update for July 2024. Key Highlights Bitcoin MiningAI Cloud Services 222 Bitcoin mined in July10.5 EH/s installed (as of Aug 5)20 EH/s in 3Q, 30 EH/s in 4Q 816 NVIDIA H100 GPUsServicing multiple reserved/on-demand customers Data CentersCorporate 260MW operating, 510MW in 2024Childress power capacity increased from 600MW to 750MW Morgan Stanley appointed financial advisorAnalyst & Investor Day, presentation available here Key MetricsJul-24Jun-24May-24Bitcoin Mining1 Average operating hashrate (PH/s)9,0089,3169,414Renewable energy usage (MW)2241246246Bitcoin mined222233230Mining revenue (US$'000)13,59215,49015,079Electricity costs (US$'000)313,674*9,1838,167Hardware profit margin (%)4(1%)41%46%Revenue per Bitcoin (US$)61,30666,57165,498Electricity cost per Bitcoin (US$)61,67739,46635,475AI Cloud Services AI Cloud Services revenue (US$'000)1,2661,078892Electricity costs (US$'000)192016Hardware profit margin (%)498%98%98% *Note: The Company’s Childress site generated an estimated ~$0.3m of power sales and $0.5m ERS revenue in July (~13 Bitcoin equivalent), which are reflected within electricity costs. See ‘Bitcoin Mining’ section below regarding high electricity costs for the month of July. Bitcoin Mining July operations Average operating hashrate impacted by: Planned outages for Phase 1 substation upgrades and Phase 2 substation energizationT21 miner performance due to a batch production issue, Bitmain is in the process of replacing all defective units Increased electricity costs in July were primarily attributable to higher energy hedge pricing in the summer month at Childress, but with much lower than expected energy market volatility which reduced energy trading opportunities (e.g. which resulted in a net electricity cost of negative 8c/kWh during August 2023)The Company is re-assessing its future energy pricing structuresCurrent fleet efficiency of 24 J/TH is expected to improve to 17 J/TH by the end of next month as part of the expansion to 20 EH/s 2024 expansion on schedule 10.5 EH/s installed (as of August 5, 2024)S21 Pro miner shipments, deliveries and racking underway to suppor...