Iris Energy ramps up Bitcoin mining operations

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Iris Energy ramps up Bitcoin mining operations
Credit: © Reuters.

SYDNEY - Iris Energy Limited (NASDAQ: IREN), a data center firm specializing in Bitcoin mining and AI cloud services, announced its operational expansion plans for 2024, aiming to reach a 20 EH/s hashrate capacity.

The company, which operates on 100% renewable energy, reported that it has already increased its operating hashrate to 7 EH/s and anticipates commissioning the remaining 3 EH/s in the first half of the year.

The second half of 2024 is set to see a significant scaling of operations, with an additional 10 EH/s of new Bitmain T21 miners secured under fixed price contracts. This expansion is coupled with a 200MW increase at its existing Childress data center. Iris Energy's current operational capacity stands at 220MW, with plans to expand to 460MW within the year.

The company's growth strategy also includes the expansion of its AI cloud services, leveraging 816 NVIDIA (NASDAQ: NVDA ) H100 GPUs. Its development portfolio boasts 2,160MW of secured power capacity across North America and a property portfolio exceeding 1,000 acres, along with an additional development pipeline.

Iris Energy's commitment to renewable energy targets underutilized sources and aims to support electrical grids and local communities. The company's technology stack is designed to optimize performance across its AI Cloud Services, Bitcoin Mining, and energy trading operations.

These forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors influencing these projections include Bitcoin price fluctuations, the company's ability to obtain additional capital, the success of growth strategies, and the ability to secure customers, among others.

This business update is based on a press release statement from Iris Energy Limited. The company's strategy and operational goals are subject to change based on market conditions, shareholder value considerations, and funding availability. Decisions regarding the Childress expansion and miner purchase options are expected to be made throughout 2024.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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