IREN - Iris Energy Increases Mining Capacity by 25% to 7.0 EH/s | Benzinga
SYDNEY, Australia, Oct. 06, 2023 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ:IREN) (together with its subsidiaries, "Iris Energy" or "the Company"), a leading owner and operator of institutional-grade, highly efficient Bitcoin mining data centers powered by 100% renewable energy, today announced it is increasing its self-mining capacity by 25% from 5.6 EH/s to 7.0 EH/s.
Key Highlights
- Acquisition of 1.4 EH/s of latest-generation Bitmain S21 miners
- Self-mining capacity increasing by 25% to 7.0 EH/s
- Leading 17.5 J/TH efficiency to improve resilience post-halving
- $19.6 million purchase price ($14/TH)1 – $2.9 million deferred until one year after shipment
- Expected to be installed at the Company's site in Childress, Texas
- Near-term expansion increased to 9.4 EH/s2
Iris Energy has partnered with Bitmain Technologies Delaware Limited ("Bitmain") to acquire approximately 7,000 latest-generation Bitmain S21 miners. Shipping is scheduled for early 2024, increasing the Company's self-mining capacity from 5.6 EH/s to 7.0 EH/s – an increase of 25%.
Bitmain's S21 miners exhibit industry-leading efficiency (at 17.5 J/TH), thereby increasing:
- fleet resilience post-halving;
- capital efficiency of data centers (increased revenue per data center); and
- upside to Bitcoin (higher hashrate per data center than previously anticipated).
$16.7 million ($11.9/TH) of the purchase price will be paid prior to shipment. The remaining 15% of the purchase price (~$2.9 million or $2.1/TH) is deferred until one year after shipment.
The purchase is expected to be funded from existing capital sources, including cash in bank (~$64 million, no debt)3, operating cash flow and other recently disclosed funding programs (as applicable).
The Company's 80MW expansion at Childress remains on track, with data centers expected to be delivered progressively from early 2024.
The Company is now targeting near-term expansion in potential operating capacity of up to 9.4 EH/s (previously 9.1 EH/s)2 and continues to monitor the market for additional hardware acquisition opportunities.
The Company continues to progress its single site expansion program to 30 EH/s2,4.
About Iris Energy
Iris Energy is a sustainable Bitcoin mining company that supports the decarbonization of energy markets and the global Bitcoin network.
- 100% renewables: Iris Energy targets sites with low-cost, under-utilized renewable energy, and supports local communities
- Long-term security over infrastructure, land and power supply: Iris Energy builds, owns and operates its electrical infrastructure and proprietary data centers, providing long-term security and operational control over its assets
- Seasoned management team: Iris Energy's team has an impressive track record of success across energy, infrastructure, renewables, finance, digital assets and data centers with cumulative experience in delivering >$25bn in energy and infrastructure projects globally
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Iris Energy's future financial or operating performance. For example, forward-looking statements include but are not limited to the Company's business strategy, expected operational and financial results, and expected increase in power capacity and hashrate. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "target", "will," "estimate," "predict," "potential," "continue," "scheduled" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed ...