IREN - IREN Announces Monthly Investor Update for February 2024 | Benzinga
SYDNEY, Australia, March 06, 2024 (GLOBE NEWSWIRE) -- IREN (Iris Energy Limited) (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 February 2024.
Key Highlights
| Bitcoin Mining |
| AI Cloud Services |
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| Data Centers |
| Corporate |
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Key Metrics
| Bitcoin Mining1 |
| Feb-24 |
| Jan-24 |
| Dec-23 |
| Average operating hashrate (PH/s) |
| 6,299 |
| 5,642 |
| 5,576 |
| Renewable energy usage (MW)2 |
| 174 |
| 163 |
| 161 |
| Bitcoin mined |
| 310 |
| 341 |
| 399 |
| Mining revenue (US$'000) |
| 15,212 |
| 14,466 |
| 17,174 |
| Electricity costs (US$'000)3 |
| 6,241 |
| 6,376 |
| 5,926 |
| Revenue per Bitcoin (US$) |
| 49,134 |
| 42,436 |
| 43,056 |
| Electricity cost per Bitcoin (US$) |
| 20,158 |
| 18,705 |
| 14,858 |
Bitcoin Mining
February operations
- Operating hashrate increased to 7 EH/s (Feb 29, 2024)
- Monthly mining revenue increased to $15.2m primarily due to higher average hashrate of 6.3 EH/s and higher Bitcoin price of $49.1k
Expansion to 20 EH/s in 2024
- H1 2024 (10 EH/s) - 7 EH/s installed, remaining 3 EH/s to be commissioned
- H2 2024 (20 EH/s) - 10 EH/s of new miners secured via fixed price contracts4, single site expansion at Childress
AI Cloud Services
GPU cloud service contract signed
- Contract secured with leading AI company, poolside, following rigorous customer testing requirements
- Initial 3-month term and extension option for an additional 3-months at the customer's election
- Additional customer conversations ongoing
Tripling AI cloud services business
- Fast-tracking AI cloud services business to 816 NVIDIA H100 GPUs with the purchase of 568 additional GPUs
- Delivery and commissioning of additional GPUs expected during Q2 2024
- Financing workstreams underway to support growth
IREN's Prince George NVIDIA H100 cluster
Data Centers
Construction update
- Childress Phase 1 (first 100MW)
- Supports expansion to 10 EH/s in H1 2024
- 60MW energized, 40MW to be commissioned in the coming months
- Childress Phases 2 & 3 (next 200MW)
- Supports expansion to 20 EH/s in H2 2024
- Site civils & procurement underway. Phase 2 substation construction to commence this month
Childress Phase 1 (100 MW) construction progress
| Data Center |
| Capacity (MW) |
| Capacity (EH/s) 5 |
| Timing |
| Status |
| Canal Flats (BC, Canada) |
| 30 |
| 0.8 |
| Complete |
| Operating |
| Mackenzie (BC, Canada) |
| 80 |
| 2.6 |
| Complete |
| Operating |
| Prince George (BC, Canada) |
| 50 |
| 1.6 |
| Complete |
| Operating |
| Childress Phase 1 (Texas, USA) |